Apparently, the story was originally going to be a cinematic sequel, but the talks went nowhere. Then, Cox was going to get it made on his own, and even talked to Willem Dafoe, Harry Dean Stanton, and of course, Emilio Estevez to take part. Obviously, that didn't come to be either. Enter: the graphic approach with Chris Bones.
Cox says all the characters in Waldo are "a coded version of somebody in Repo Man." However, he won't say for sure if Waldo is Otto. He describes the sequel about Waldo this way: "He's been away on a journey in a car for 10 years and just returned. He thinks he's only been gone for the evening. Now, he may indeed be Otto. He may have been transmogrified on the way back into Waldo. Or that may have happened to several people at the same time."
Yeah, still confusing. You can try to wrap your head around the new story on March 31.