EBlock Acquires FastLane Auto Exchange in Michigan
Canada’s leading dealer to dealer digital automotive auction creates the first end-to-end, cross-border solution, along with launching EBlock’s Midwest marketplace.
TORONTO, ON (February 22, 2022): E Automotive Inc. d/b/a E INC (TSX: EINC) (the "Company" or "E INC") and sub-brand, EBlock - announced today that it has acquired FastLane Auto Exchange (“FastLane”), an independent dealer only auction marketplace that transacted approximately 24,000 vehicles in 2021. FastLane is a midwest-focused, full-service auction marketplace located in Mount Morris, Michigan, 75 miles from Detroit and the Canadian border.
“The acquisition of FastLane Auto Exchange uniquely strengthens our wholesale marketplace, EBlock, in both Canada and the U.S., allowing it to offer the only cross-border dealer to dealer digital auction platform with an end-to-end solution for cross-border buyers.” said Jason McClenahan, President and CEO of E INC.
“FastLane’s relentless focus on its clients' changing needs is demonstrated by its strong hold in the U.S. Midwest. The acquisition expands our platform and enhances the customer experience and services we can offer as we continue to develop innovative and streamlined auction solutions.”
Nearly 1 in 5 vehicles within EBlock’s Canadian marketplace crosses the border to the U.S. and is re-sold through auctions, making FastLane’s physical location prime real estate for enabling a seamless end-to-end experience for our buyers to resell vehicles once they have crossed the border. E INC management expects the transaction to be accretive to E INC immediately based on the margin profile of FastLane. EBlock intends to integrate FastLane’s 70-acre facility, seasoned team and strong existing customer base as its initial foothold in the U.S. Midwest market. FastLane will be the anchor asset for EBlock to expand its reach by enabling digital dealer to dealer buying and selling, positioning EBlock for further expansion in the U.S. Midwest including the IA, IL, IN, MI, MO, MN, OH, WI markets and beyond.
“EBlock and FastLane share a dedication to the customers we serve, making this a big win for all,” said FastLane’s managing partner Greg Price. “EBlock has a proven track record for supporting the dealers’ culture within the brick-and-mortar facility and empowering them with a digital marketplace that replicates live physical auctions in a completely virtual format. We are excited to join EBlock’s highly experienced team and look forward to providing new digital options for our customers to accelerate growth in our market.”
EBlock is ranked as one of the fastest growing technology companies in North America, earning a spot on the Deloitte Technology Fast 500 and holding in the top 50 on the Deloitte Technology Fast 50 in Canada.
About EBlock EBlock, an E INC brand, provides a real-time dealer-to-dealer digital auction empowering today’s most innovative dealerships and wholesalers to buy and sell inventory in less time on a platform that creates the same energy and urgency of a live auction. With set auction times, run lists, and cars bought and sold in 60-seconds, EBlock simulates the physical auction environment with a powerful end-to-end experience in a completely digital format. Find out more about EBlock at eblock.com.
About E INC EBlock’s publicly-traded parent company, E INC, is an automotive technology company on a mission to optimize the online vehicle buying, selling, and management experience.
About FastLane Auto Exchange FastLane Auto Exchange is an independent dealer only automotive auction located on a 70-acre facility in Mount Morris Michigan serving the Midwest and beyond. Offering 8-lanes of auction activity, a state-of-the-art reconditioning facility, mechanical services, and an international title and remarketing program, FastLane is a full-service auction house for both US and Canadian clients. Through a family of previous auction owners, FastLane Auto Exchange has been the fastest growing auction in the Midwest over recent years and will celebrate its 44th anniversary in 2022. The family, customer-centric culture of FastLane Auto Exchange is apparent in a tenured, experienced staff of professionals.
Forward Looking Information This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws, including statements regarding; integrating FastLane’s business as EBlock's initial foothold and anchor asset in the U.S. Midwest market; future expansion and growth; and the extent to which the transaction is expected to be accretive. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information is based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the risk that the FastLane business will not perform in accordance with expectations and past history; the risk that FastLane may not be efficiently integrated or that synergies will not be realized; and those other risks discussed in greater detail under the "Risk Factors" section of our initial public offering prospectus, which is available under our profile on SEDAR at www.sedar.com. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
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