We appreciated the [Sept. 30] coverage the IBJ presented of Global Caravan Technologies. As the capital organization coordinating investment in GCT, we do wish to observe that Charles Hoefer had been involved in the management of other successful and unrelated ventures prior to joining Earthbound.
Despite finding a failed mass-production strategy that threatened to sink that company within 60 days, Hoefer kept it going for two years.
Hoefer resigned from Earthbound when the city of Marion, exercising its rights, seized assets in the fall of 2012. His parents, David and Mary Hoefer, dissolved their company early this year.
In the end, Charles Hoefer could not save that company. He was not a founder, initial investor or early employee of Earthbound. He is the only founder, principal, or investor involved in GCT who had any association whatsoever with Earthbound.
At least 1,000 jobs exist in Indiana today because of Charles’ father. The efforts of Marion and of David and Mary Hoefer should not be denigrated for trying to create jobs in a state that needs them. Marion was able to recover some $700,000 in cash and assets toward the $2 million bond, with the rest now structured into a 25-year repayment.
Charles Hoefer and Harrison Ding draw from their collective industry experiences to set in motion standards, innovations and practices which have no precedent for the RV industry. GCT has established a research and development facility in Speedway and begun deployment of globally-invested outside capital for the development of multiple high-end RV and specialty vehicle products.
Charles Hoefer and Ding have recruited a seasoned cross-industry team to GCT. GCT draws on partnerships from motorsports, automotive and aerospace industries, etc., and is establishing a growing intellectual property base. GCT’s goal is to change the way an RV interacts with the consumer and to create a unique consumer experience.
In so doing, we believe GCT will attract new customers to the industry, both in the U.S. and abroad.
managing director, Red Wing Capital