Overview
Business Name: Xtreme Xperience
Website URL: https://www.thextremexperience.com/
Founder: Adam Olalde
Business Location: Chicago, IL
Year Started: 2012
Number of Employees/Contractors/Freelancers: 75 full-time employees and 150 driving instructors.
Revenue and Profit
Xtreme Xperience generates over $30 million in annual revenue.
About Adam and His Business
Adam Olalde, founder of Xtreme Xperience, didn’t initially set out to be an entrepreneur. Born and raised in Chicago, he returned home after graduating from Miami University and found himself in a sales job. However, a chance encounter with someone renting luxury cars inspired him to take the plunge into the world of automotive entertainment.
How the Business Makes Money
Xtreme Xperience generates revenue through reservations for supercar driving experiences on racetracks and open roads. The company also offers ride-alongs, merchandise, media packages, and gift cards.
Inspiration for Starting the Business
Adam was inspired by his customers' desire to experience high-end cars, not just rent them. Seeing a gap in the market, he realized the potential to create a new kind of automotive entertainment that made exotic cars accessible to the masses.
Launching the Business
Adam launched Xtreme Xperience in 2012 at age 25. Despite a lack of initial investors and industry regulations, he was determined to succeed. Today, the company operates over 50 driving programs at 37 racetracks nationwide.
Funding the Business
Xtreme Xperience started as a true bootstrapped startup, relying on ticket sales to fund its growth. As revenue grew, the company reinvested in acquiring cars and expanding operations.
Finding the First Customers
Xtreme Xperience initially relied on Groupon to sell tickets, leveraging its e-commerce reach. As the business grew, they shifted to internal marketing campaigns.
The First Year in Business
The first year was challenging but rewarding. Adam and his team traveled to different cities weekly, organizing events and handling all aspects of the business, from customer service to logistics.
Growth Strategies
Key strategies for growth included listening to customers, investing in quality tools, providing access to experiences, and fostering a collaborative team environment.
Biggest Challenge
One of the biggest challenges Xtreme Xperience faces is macroeconomic uncertainty. Shifts in consumer spending habits due to financial instability make it harder to target potential customers.
Keys to Success
Xtreme Xperience's success is driven by listening to customers, maintaining high-quality standards, and building a passionate team.
The Team
The company employs 75 full-time staff and 200 contractors. The team is spread across the U.S., and they come together for events at racetracks and open-road programs.
From Side Hustle to Full-Time Business
Xtreme Xperience was never a side hustle for Adam. He left his corporate job and fully committed to the business from the start.
Turning Point
The turning point for Xtreme Xperience came when thousands of people attended their first racetrack event, showing the potential for success.
Competition
Xtreme Xperience faces both direct and indirect competition. Direct competitors include small operators offering parking lot experiences, while indirect competition comes from other entertainment events like concerts or sports.
Advice for Entrepreneurs
Adam’s advice to entrepreneurs is to move quickly, learn from mistakes, and focus on what they want to achieve rather than proving others wrong.
Future Plans
Xtreme Xperience plans to continue expanding, offering new experiences, and bringing thrilling automotive adventures to more locations.
Recommended Sources
Books: 'Extreme Ownership' by Jocko Willink, 'Dare to Lead' by Brené Brown, 'The Five Dysfunctions of a Team' by Patrick Lencioni.
Podcasts: 'The Tim Ferriss Show,' 'The Tony Robbins Podcast.'
Blogs: 'Seth's Blog' by Seth Godin, 'Wait But Why' by Tim Urban.
For more insights, follow Xtreme Xperience on
Instagram: /xtremexperience
Facebook: /XtremeXperience
X (formerly Twitter): @xxperience
LinkedIn: /xtreme-xperience
