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, Feb.
22, 2022 /PRNewswire/ - 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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SOURCE E Automotive Inc.