EBlock Acquires Louisiana’s 1st Choice Auto Auction
Leading dealer-to-dealer digital automotive auction expands U.S. footprint along Gulf Coast, building the connection from the western territory to the south-central region.
TORONTO, ON, June 1, 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 Louisiana's 1st Choice Auto Auction (LAFCAA), an independent auction marketplace that has historically transacted over 15,000 vehicles annually. LAFCAA is a 34-acre top-tier auction facility located in Hammond, Louisiana, 60 miles north of New Orleans.
“The acquisition of Louisiana’s 1st Choice is another example of us executing our land-meets-technology strategy. This acquisition supports the launch of the EBlock platform in the U.S. Southeast market which we announced earlier this year,” said Jason McClenahan, President and CEO of E INC. “The addition of physical auctions to our digital dealer-to-dealer platform is a natural extension of our commitment to supporting the evolving needs of our dealer partners. By connecting physical auctions and digital auctions, we are creating a network of logistics hubs that will improve our ability to serve our customers and give them the flexibility to do business where and how they prefer it.”
Founded in 2002, LAFCAA is a recognized leader in the Gulf States Region, with a stronghold in Louisiana. The LAFCAA facility sits on 34 acres, providing the efficiency and accommodations for inventory, while also delivering a digital-friendly experience for dealers looking to expand their inventory strategy. EBlock intends to integrate LAFCAA’s facility, seasoned team, and strong customer base into its growing U.S. marketplace.
“Louisiana’s 1st Choice is a dealer-focused business with an experienced, forward-thinking team that is excited about the digital evolution in the automotive wholesale industry,”' McClenahan said. “LAFCAA’s Gulf Coast location enables EBlock to expand its digital dealer-to-dealer marketplace in the southern United States.”
“EBlock and Louisiana’s 1st Choice share a focus on delivering excellence - whether that is for the customers we serve, the people we employ, or the solutions we invest in,” said LAFCAA’s managing partner John Poteet. “We’ve always seen EBlock as a leader in empowering physical auctions to embrace digital efficiencies to meet our customers where they are and how they want to do business. We are excited to join the EBlock team and continue to build on the momentum.”
This partnership will further EBlock’s commitment to simplifying and streamlining the wholesale experience by connecting industry-leading technology with full-service physical auction locations.
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. With set auction times, run lists, and cars bought and sold in 60-seconds, EBlock’s digital platform 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 EInc 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. E INC is connecting the automotive wholesale and retail experiences—two worlds that have historically been kept apart. E INC’s brands and their technologies make it easy for a vehicle to move between buyers and sellers throughout its entire ownership lifecycle.
About Louisiana’s First Choice Auto Auction Louisiana’s 1st Choice Auto Auction is located in Hammond, Louisiana. Led by Managing Partner John Poteet, the team of independent auction professionals serves the entire Gulf Coast Region and a national online buying base. Dealers gather every Tuesday at 8:45 a.m. in six lanes and online to bid on a consignment of over 550 vehicles weekly.
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 LAFCAA’s business into EBlock's existing U.S. marketplace and future expansion and growth. 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 LAFCAA business will not perform in accordance with expectations and past history; the risk that LAFCAA 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 annual information form, 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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