The investment will propel Canada Drives’ continued expansion across the country
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.
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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.”
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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.
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