Since launching its online car shopping and to-your-door delivery platform in 2020, Canada Drives has expanded from British Columbia to Ontario, Alberta, and most recently, Saskatchewan in May.
To continue on their expansion journey into new markets across Canada, Canada Drives has raised $10 million in equity funding from existing strategic investors. This additional funding follows $40 million from goeasy in June.
With the largest selection of used inventory of any dealership in Canada, Canadians can pay in full or finance, sign all documents, and have vehicles delivered to their doorstep as quickly as the same day.
Earlier this year, Canada Drives launched its “Sell My Car” feature, where customers are given a quote for their vehicle in under two minutes. Customers can either decide to sell their vehicle and receive the money via direct deposit, or trade it in for a new one.
Canada Drives will also pay off existing loans on the customer’s current vehicle. On average, selling a car privately takes more than four weeks; now, the process can take as little as 48 hours.
“Since launching, we’ve built trust with thousands of Canadians who have sold and bought cars through Canada Drives. We continue to deliver best-in-class service with our transparent and streamlined offering, and remain the industry leader in the online auto-retailing space,” said Cody Green, Co-CEO of Canada Drives.
“With these new funds, we now have our sights set on expanding further across the country to give Canadians coast-to-coast the ability to buy and sell their cars completely online.”
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