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Leading dealer Digital Automotive Auctions acquires Houston Automotive Auctions – expanding its US footprint in the Gulf region.
Toronto, February 1, 2023 /PRNewswire/ – E Automotive Inc. d/b/a E INC (TSX: EINC) (the “Company” or “E INC”) and subsidiary brand eBlock today announced the acquisition of Houston Auto Auction (“Houston Auto Auction”), a HoustonAn independent auction marketplace based on business sales.
The acquisition is another strategic move for Ebilok to go against its ‘land-meets-tech’ strategy. North America. With this model, eBlock’s distributor’s digital marketplace expands and increases the reach of physical auctions to attract more sellers and buyers in a wider market. eBlock is creating a marketplace that brings together land and technology and offers customers a convenient, seamless and connected experience.
The acquisition of HAA is the fourth physical bid acquisition for EBILLOCK, adding to its network of logistics centers and improving the flexibility it offers customers to do business where and how they choose.
“The acquisition of Houston Auto Auction represents our first acquisition TexasThe second largest vehicle resale market in the US, this purchase with us Louisiana “We are connecting two strategic local markets in the Gulf state and strengthening our footprint in the region,” he said. Jason McClenahanPresident and CEO of E INC – EBlock’s parent company. “Houston Auto Auction’s focus on commercial sales opens up new opportunities to serve commercial fleet customers. At the same time, we believe our technology, experience and capabilities can increase our market share with the dealership market. This acquisition will allow 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 restoration, title, and transportation services in addition to the weekly auctions held every Wednesday. The auction has a strong focus on trade accounts that specialize in the sale of portable vessels. The company has a public tender offer through the General Services Administration (GSA) auction. With 6 lanes and a 25-acre facility, Houston Auto Auction complements their strong offerings with a focus on customer service, treating each customer and transaction with “skin in the game.”
“We have built a successful book of business based on our dedication and commitment to clients and our ability to provide exceptional service,” he said. Tim Bowers, president and general manager of Houston Auto Auction. “We see these same values at E INC. Their EBlock platform connects customers where they are and gives them greater flexibility to trade across a wider market. As part of the EBlock platform, we bring customers new digital options. Products that meet their needs further strengthen our long-term customer relationships and in They will continue to grow Greater Houston area.”
About EBlock
EBlock, an E INC brand, connects land and technology to a real-time dealer-to-dealer digital auction platform, allowing dealers to buy and sell cars at EBlock’s physical auction locations and online in one auction experience. With scheduled auction times, running lists, and cars bought and sold in 60 seconds, the eBlock platform simulates the physical auction environment with a powerful end-to-end experience.
Whether physical or digital, iBlock empowers today’s most innovative distributors and wholesalers to buy and sell goods in a short amount of time.
It’s in the eBlock headquarters. Toronto, Ontario And Burlington, Vermont. Learn more about EBlock at eblock.com.
ABOUT E INC
eBlock’s publicly traded parent company, E INC, is an automotive technology company with a mission to improve the online vehicle buying, selling and management experience. E INC is bridging the automotive wholesale and retail experiences—two worlds that have historically been separate. E INC brands and their technologies make it easy to move a vehicle between buyer and seller throughout the ownership cycle.
About Houston Auto Auction
Houston Auto Auction (HAA) is a family owned and operated independent auto auction in business since 1964. HAA is part of the Servnet Auction Group. HAA is known for specializing in “Fleet” sales and providing exemplary customer service to commercial and repo accounts, many of whom have sold through HAA for over 30 years. Houston Auto Auction partners with industry leaders to offer customers a large and diverse selection of vehicles. Whether you’re looking to buy or sell a personal vehicle or 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 the Houston Auto Auction business combination. and future expansion and growth. In some cases, forward-looking information may be identified by using appropriate terminology such as “plans”, “targets”, “anticipated”, “anticipated”, “expected”, “budget”, “estimates”, “outlook”, ” forecasts”, “projections”, “expectations”, “strategy”, “intends”, “expects”, “believes” or variations of words and phrases or expressions that “could”, “could”, “could”, “may”, “may”, “events or results” of certain actions; “can” or “could”, “happen” or “succeed” and similar words or negative and similar words of these words. In addition, any statements that refer to expectations, wishes, forecasts or other characteristics of future events or conditions contain forward-looking information.
Statements containing forward-looking information are not historical facts but rather represent management’s expectations, assumptions and future events or conditions. This forward-looking information is based on our opinions, estimates and assumptions, which the Company believes to be appropriate and reasonable as of the date of this press release, but may be subject to known and unknown risks, uncertainties and other factors. actual results, level of activity, performance or achievements, including but not limited to, the risk that Houston Auto Auction’s business does not perform as expected, and past history; the risk that the Houston Auto Auction may not be successful or that the mergers may not materialize; and those other risks in more 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, assumptions or assumptions made in the forward-looking information are incorrect, actual results or future events may differ materially from those anticipated in the forward-looking information. Although we attempt to identify important risk factors that could cause actual results to differ materially from those in the forward-looking information, we believe that there may be other risk factors that are not currently known to us or that are not currently material. Results or future events may differ materially from those expressed in forward-looking information.
Actual results and outcomes may differ materially from those expressed in these forward-looking statements, so there can be no assurance that forward-looking statements will prove to be accurate. Therefore, readers should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements speak as of the date of this news release and, except as expressly required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information. , future events or otherwise.
All forward-looking information contained in this press release is expressly qualified by the above cautionary statements.
Media Contact:
Michelle Bessau-ParksMarketing Director | Michelle.besaw-parks@e.inc | (833) 817-7247
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