Canada Drives Announces Restructuring Plan After Gaining Creditor Protection
Canada Drives announced a plan to restructure its business operations. As part of this plan, Canada Drives will narrow the company’s focus to the two specific business lines that have consistently received praise from customers and enable the company to scale a less capital intensive and profitable business.
The first line of business it will focus on is providing the easiest way for Canadians to sell their vehicle via an instant online offer. Since 2021, more than 10,000 Canadians have sold their vehicle directly to Canada Drives and the company intends to continue scaling this market leading solution by partnering with automotive dealerships across the country.
The second line of business the company will focus on is helping Canadians get approved for automotive financing online, facilitated via a network of automotive dealerships throughout Canada. Canada Drives has been in the business of providing this service for Canadians and automotive dealers since 2010, and over that time, has served over one million Canadians.
Since 2020, Canadians have also been able to buy their car completely online through the Canada Drives platform. The rising costs of holding inventory, amongst other headwinds, has made this specific business model no longer viable in the long-term. During this transition, Canada Drives intends to continue honoring its commitments to both present and future customers.
“Canada Drives expresses gratitude to its talented and hardworking team that has made it possible to provide an exceptional car shopping experience to thousands of Canadians,” said Cody Green, co-CEO of Canada Drives, “The Company also thanks every customer who has trusted them with their vehicle shopping and looks forward to continuing to serve them in the future.”