Velocity Distributing, a year-old, Houston-based car audio distributor is closing its doors April 30, due to financial setbacks from the current pandemic.
Despite its representing key lines out of the gate such as Kenwood and eXcelon, the distributor was unable to weather the current downturn in sales, nor did it qualify for government loans.
Other lines carried by Velocity include Rockford, AudioControl, iDatalink, VOXX, Scosche, Boss, Cerwin Vega, Dynamat, Metra, Radenso, T-Spec, Waylens, Mobile Solutions products, and MTI Acoustics.
VP Shawn Simpson will return to his prior role as a manufacturer’s rep at Momentum Marketing, he said. In total, Velocity employed 9 people.
The distributor is currently liquidating product.
“We had all the right brands but we were still in start up mode when this came along…it caused our business to come to a screeching halt,” said Simpson.
Velocity was founded by Gary Wermuth, who earlier founded WAVE Electronics, which was one of the largest independent home electronics distributors in the country. Wermuth sold Wave last year to Kingswood Capital Management, parent of AVAD, for an undisclosed sum.
Curious as to why they didn’t qualify for stimulus money.
More to come…..