EBlock announced today that it has acquired FastLane Auto Exchange, 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 resold 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.”
