Canada Drives Secures $40M CAD in Funding Round from goeasy
The investment will propel Canada Drives’ continued expansion across the country
VANCOUVER, British Columbia — Today, Canada Drives (“the Company”), Canada’s largest 100% online car shopping and to-your-door delivery platform, announced the close of $40M CAD in equity funding from Canadian company goeasy Ltd. (“goeasy”), one of Canada’s leading non-prime consumer lenders. With the Company operational in British Columbia, Alberta, Ontario and most recently in Saskatchewan, the funding will be used to expand into new provincial markets, grow the available inventory and enhance its digital platform.
As part of the investment, Canada Drives and goeasy will partner to further integrate automotive financing into the online car buying experience. This initiative supports Canada Drives’ mission to be the easiest place to buy or sell a car in Canada and to make car shopping fair, transparent, and accessible to all Canadians.
“The investment led by goeasy further positions Canada Drives as the industry leader in the Canadian automotive e-commerce market. The new capital, alongside the strategic partnership, will enable us to grow our available inventory, enhance our market-leading service, and continue to expand across the country,” said Cody Green, Co-CEO of Canada Drives. “Our customers will always be our top priority, and our growth is focused on how we can best serve Canadians from Coast to Coast.”
The funding round comes on the heels of the Company’s expansion into Saskatchewan and the launch of the fully automated ” Sell My Car” feature in May 2022. With the new capital, Canada Drives will also aim to double the amount of certified used vehicles available in existing markets and the team to support its ambitious growth plans.
“Canada Drives has established themselves as the market leader in online car retailing, sharing our common vision for a seamless customer experience,” said Jason Mullins, goeasy’s President & CEO. “Since launching their online car retailing platform in late 2020, thousands of Canadians are choosing Canada Drives to purchase their next vehicle. We look forward to helping finance their consumers’ automotive purchases and are proud to invest in the business as they aim to develop an industry leading online car shopping experience, all from the comfort of home.”
Canada Drives is now available to over 25 million Canadians and has experienced a significant growth in sales, with a 580% increase over the past year, following a $100M CAD fundraising completed in early 2021.
For more information, visit canadadrives.ca.
goeasy Ltd., a Canadian company, headquartered in Mississauga, Ontario, provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by more than 2,300 employees, the Company offers a wide variety of financial products and services including unsecured and secured instalment loans. Customers can transact seamlessly through an omni-channel model that includes an online and mobile platform, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through more than 4,000 merchants across Canada. Throughout the Company’s history, it has acquired and organically served over 1.1 million Canadians and originated over $8.2 billion in loans, with one in three easyfinancial customers graduating to prime credit and 60% increasing their credit score within 12 months of borrowing.
Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards including Waterstone Canada’s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in North America, Greater Toronto Top Employers Award, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, ranking on the TSX30 and placing on the Report on Business ranking of Canada’s Top Growing Companies, honoured by The Globe and Mail’s Women Lead Here executive gender diversity benchmark and has been certified as a Great Place to Work®. The company is represented by a diverse group of team members from over 75 nationalities who believe strongly in giving back to the communities in which it operates. To date, goeasy has raised and donated over $4.38 million to support its long-standing partnerships with BGC Canada, Habitat for Humanity and many other local charities.
goeasy Ltd.’s. common shares are listed on the TSX under the trading symbol “GSY”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. Visit www.goeasy.com.
About Canada Drives
Canada Drives is the largest 100% online car shopping and to-your-door delivery platform available in Canada. Customers can shop for certified used vehicles, pay in full or finance, sign all documents, and have their vehicle delivered to their doorstep as quickly as the same day. Through Canada Drives, purchasing a vehicle online saves Canadians time and money and reduces the stress and pressure often associated with car shopping. Canadians can also sell their vehicle to Canada Drives at a fair price and have the vehicle picked up as soon as the next day. Canada Drives has made it possible to buy, sell, or trade a vehicle with confidence, convenience, and ease.