Leading dealer-to-dealer digital automotive auction acquires
Houston Auto Auction - expanding US footprint in Gulf State
Region
TORONTO, Feb. 1, 2023
/PRNewswire/ - E Automotive Inc. d/b/a E INC (TSX: EINC) (the
"Company" or "E INC") and sub-brand EBlock today announced the
acquisition of Houston Auto Auction, Inc. ("Houston Auto Auction"),
a Houston-based independent
auction marketplace that specializes in commercial sales.
The acquisition is another strategic step for EBlock in
executing against its 'land-meets-tech" strategy across
North America. In this model
EBlock's dealer-to-dealer digital marketplace expands and enhances
the reach of a physical auction to attract more sellers and buyers
across a broader market. EBlock is creating one marketplace
bringing land and technology together and providing customers with
one convenient, consistent, and connected experience.
The acquisition of HAA is the fourth physical auction
acquisition for EBlock, adding to the network of logistics hubs
which improves the flexibility offered to customers to do business
where and how they prefer it.
"The acquisition of Houston Auto Auction represents our first
asset in Texas, the second largest
vehicle resale market in the U.S. This acquisition, together with
our Louisiana asset, ties together
two strategic local markets in the Gulf State region as we continue
to build scale and strengthen our footprint in the area," said
Jason McClenahan, President and CEO
of E INC - the parent company of EBlock. "Houston Auto Auction's
focus on commercial sales opens new opportunities for us to service
commercial fleet customers. At the same time, we believe our
technology, experience and capabilities with the dealer market can
grow their market share. This acquisition allows us to further
expand our platform and enhance our customer experience and Houston
Auto Auction shares that vision."
Houston Auto Auction is a full-service facility, with
reconditioning, title, and transportation services in addition to
their wholesale auctions that take place every Wednesday. The
auction has a large focus on commercial accounts with a
specialization in fleet and repossession vehicle sales. The company
also has a public auction offering through its General Services
Administration (GSA) auction. With 6 lanes and a facility covering
25 acres, Houston Auto Auction complements their robust offerings
with a customer-service focus, treating every customer and
transaction with the mindset that they have "skin in the game."
"We've built a successful book of business based on our
commitment and dedication to customers and our ability to provide
them exceptional service," said Tim
Bowers, President and General Manager of Houston Auto
Auction. "We see these same values in E INC. Their EBlock platform
meets customers where they are and provides them with greater
flexibility to transact across a broader market. As part of the
EBlock platform, we'll be able to bring customers new digital
options and products that meet their needs which will further
strengthen our long-standing customer relationships and continue to
grow within the Greater Houston
Area."
About EBlock
EBlock, an E INC brand, connects land and technology through a
real-time dealer-to-dealer digital auction platform that allows
dealers to buy and sell cars at EBlock physical auction locations
and online in a single auction experience. With set auction times,
run lists, and cars bought and sold in 60-seconds, EBlock's
platform simulates the physical auction environment with a powerful
end-to-end experience.
Whether physically or digitally, EBlock empowers today's most
innovative dealerships and wholesalers to buy and sell inventory in
less time.
EBlock is headquartered in Toronto,
Ontario and Burlington,
Vermont. Find out more about EBlock at eblock.com.
About E INC
EBlock's publicly traded parent company, E
INC, is an automotive technology company on a mission to optimize
the online vehicle buying, selling, and management experience. E
INC is connecting the automotive wholesale and retail
experiences—two worlds that have historically been kept apart. E
INC's brands and their technologies make it easy for a vehicle to
move between buyers and sellers throughout its entire ownership
lifecycle.
About Houston Auto Auction
Houston Auto Auction (HAA)
is a family owned, independent auto auction that has been in
business since 1964. HAA is part of the ServNet Auction Group. HAA
has long been known for specializing in "Fleet" sales and providing
exemplary customer service to both commercial and repo accounts,
many of whom have sold with HAA for over 30 years. Houston Auto
Auction has partnered up with industry leaders to provide customers
with a large and diverse selection of vehicles. Whether you want to
buy or sell a personal vehicle, or want to add to your company's
fleet, you can do so at Houston Auto Auction.
Forward Looking Information
This press release
contains "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking information") within
the meaning of applicable securities laws, including statements
regarding: integrating Houston Auto Auction's business; and future
expansion and growth. In some cases, forward-looking information
can be identified by the use of forward-looking terminology such as
"plans", "targets", "expects", "is expected", "an opportunity
exists", "budget", "scheduled", "estimates", "outlook",
"forecasts", "projection", "prospects", "strategy", "intends",
"anticipates", "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or, "will", "occur" or "be achieved", and
similar words or the negative of these terms and similar
terminology. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking
information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events or circumstances.
This forward-looking information is based on our opinions,
estimates and assumptions that, while considered by the Company to
be appropriate and reasonable as of the date of this press release,
are subject to known and unknown risks, uncertainties, and other
factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: the risk that the Houston Auto Auction business
will not perform in accordance with expectations and past history;
the risk that Houston Auto Auction may not be efficiently
integrated or that synergies will not be realized; and those other
risks discussed in greater detail under the "Risk Factors" section
of our annual information form prospectus, which is available under
our profile on SEDAR at www.sedar.com. If any of these risks or
uncertainties materialize, or if the opinions, estimates or
assumptions underlying the forward-looking information prove
incorrect, actual results or future events might vary materially
from those anticipated in the forward-looking information. Although
we have attempted to identify important risk factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other risk factors not
presently known to us or that we presently believe are not material
that could also cause actual results or future events to differ
materially from those expressed in such forward-looking
information.
There can be no assurance that forward-looking statements will
prove to be accurate as actual outcomes and results may differ
materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on
any such forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, the Company assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements.
Media Contact:
Michelle Besaw-Parks, Marketing Director
| michelle.besaw-parks@e.inc
| (833) 817-7247
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SOURCE EBlock Inc
