EBlock announced Feb. 22 it has acquired FastLane Auto Exchange, an independent dealer-only auction marketplace that transacted about 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 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,, in a news release. "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."
E-Block is a sub-brand of E Automotive Inc. d/b/a E INC (TSX: EINC).
Nearly one in five vehicles within EBlock's Canadian marketplace crosses the border to the U.S. and are resold through auctions, making FastLane's physical location prime real estate for enabling a seamless end-to-end experience for 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 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 reach in the U.S. Midwest including the Iowa, Illinois, Michigan, Missouri, Minnesota, Ohio and Wisconsin 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, in a news release. "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 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.
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