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. 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."ĮBlock 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.ĮBlock, 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.
"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. "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. Midwest including the IA, IL, IN, MI, MO, MN, OH, WI markets and beyond. 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. EBlock intends to integrate FastLane's 70-acre facility, seasoned team and strong existing customer base as its initial foothold in the U.S.
E INC management expects the transaction to be accretive to E INC immediately based on the margin profile of FastLane. 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. Nearly 1 in 5 vehicles within EBlock's Canadian marketplace crosses the border to the U.S. 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." "FastLane's relentless focus on its clients' changing needs is demonstrated by its strong hold in the U.S. "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 is a midwest-focused, full-service auction marketplace located in Mount Morris, Michigan, 75 miles from Detroit and the Canadian border. 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. 22, 2022 /PRNewswire/ - E Automotive Inc. 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
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