He explains that FastLane Auto Exchange is unique in that it can handle all aspects of the auction process for its Canadian dealers from start to finish: transport, registered importing, speedometer conversion and title exchange, in addition to body, mechanical and recon work, and upstream and in-lane exposure to a huge buyer base. Price attributes the meteoric growth of FastLane Auto Exchange to integrated services offered by the facility that benefit all the auction's customers, particularly those from Canada, who make up nearly 43% of the auction's dealer base. We have worked hard at FastLane Auto Exchange to prepare our operation to provide that level of service, and are thrilled to be counted among the auctions in the ServNet group." "With a prestige that is unmatched, ServNet auctions have distinguished themselves by consistently offering an exemplary auction experience, blending superior service and genuine customer relationships. "I have spent my life in the auction business and have always considered ServNet auctions to be the best of the best," said Price. Under Price's leadership, the auction has undergone a staggering transformation, expanding in less than 2 years from an evening sale running 100+ vehicles a week on one lane to a Wednesday afternoon auction featuring 700+ vehicles on 8 lanes. Located just north of Flint Michigan in Mount Morris, FastLane Auto Exchange has been in operation since 1978, and was purchased by a group led by Greg Price in January of 2017.
Greg is a colleague with great experience and talent, and we are pleased to expand ServNet's geographic footprint into the all-important upper Midwest region." "Led by owner/operator Greg Price, an industry veteran who comes from second-generation family lineage in the industry, FastLane Auto Exchange is taking the industry by storm, recording exponential growth over the past two years. "The ServNet auction owners welcome yet another new facility to our ranks," said ServNet President Eric Autenrieth. Midwest including the IA, IL, IN, MI, MO, MN, OH, WI markets and beyond.ServNet wraps up its 30th Anniversary Year with another upswing in growth, adding FastLane Auto Exchange as its 23rd auction. 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.
EBlock intends to integrate FastLane’s 70 acre facility, seasoned team and strong existing customer base as its initial foothold in the U.S. E INC management expects the transaction to be accretive to E INC immediately based on the margin profile of FastLane. 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. Nearly 1 in 5 vehicles within EBlock’s Canadian marketplace crosses the border to the U.S. 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.” “FastLane’s relentless focus on its clients’ changing needs is demonstrated by its strong hold in the U.S.
“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.
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