EBlock Acquires Fastlane

By Staff Writer February 23, 2022

E Automotive Inc. and sub-brand, EBlock, have acquired FastLane Auto Exchange, a Michigan-based independent dealer auction marketplace that transacted roughly 24,000 vehicles in 2021. FastLane is a full-service auction marketplace located in Mount Morris, Mich., 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.

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 an end-to-end experience for the company’s 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. In its announcement, EBlock stated it “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.

“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.”

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Last modified on Tuesday, 01 March 2022 15:22