EBlock's Land-Meets-Tech Solution Expands through Key Acquisition
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."
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
SOURCE EBlock Inc
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