E Automotive Inc. and sub-brand EBlock announced it has acquired FastLane Auto Exchange, an independent Midwest-focused, dealer-only auction marketplace in Mount Morris, north of Flint. Terms of the deal were not disclosed.
In 2021, FastLane transacted approximately 24,000 vehicles. Offering eight lanes of auction activity, a state-of-the-art reconditioning facility, mechanical services, and an international title and remarketing program, it is a full-service auction house for both U.S. and Canadian clients.
“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,” says Jason McClenahan, president and CEO of E Automotive.
“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.”
Based in Toronto, nearly one in five vehicles sold by EBlock crosses the border to the U.S. and is re-sold through auctions. FastLane’s physical location — a 70-acre facility — offers a seamless end-to-end experience for EBlock buyers to resell vehicles once they have crossed the border.
EBlock intends to integrate FastLane’s facility, team, and strong existing customer base as its initial foothold in the 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,” says Greg Price, managing partner at FastLane. “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.”
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.
Learn more at eblock.com.
