Canada Drives

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Canada Drives
TypePrivate
IndustryE-commerce / Automotive
Founded2010
FounderCody Green[1]
Headquarters,
Area served
Canada
Key people
  • Cody Green (Co-CEO)
  • Michael Galpin (Co-CEO)
  • Stephen Brown (CFO)
[2]
ServicesOnline Vehicle Retailing & Auto Financing
Number of employees
450[3]
Websitewww.canadadrives.ca

Canada Drives is a Canadian online vehicle retailer founded in 2010 and based in Vancouver.[4] The company allows customers to shop certified used cars online.[5]

History[edit]

Cody Green founded Canada Drives in 2010. While working at a dealership, he noticed flaws in the existing sales process when customers would choose a vehicle only to then be declined for finance.[6] To make the process more efficient, he started helping customers get approved for car finance before choosing a vehicle. Realizing the scale of this customer pain point, he set out to solve the problem by building an online platform around this inverted process.[4]

Co-CEO Michael Galpin joined the company in 2011.[4] In 2014, Canada Drives moved from Saskatoon to Vancouver to be closer to the growing tech sector there. At the time, Canada Drives had six employees.[7] As of September 2019, the company employed 450 people.[3]

Canada Drives was identified as a company growing fast enough for an IPO but opted to stay private due to low-interest private equity funds.[8] In 2019, U.S.-based growth equity firm Anthos Capital invested $100 million in Canada Drives.[9] In late 2020, Canada Drives expanded its business model from online auto financing to online vehicle retailing and delivery.[10] In 2021, the company announced the national launch of its online vehicle retailing and delivery platform with service in Ontario and British Columbia. Sukhinder Singh Cassidy joined Canada Drives’ board of directors.[11][12][13]

Recognition[edit]

In 2016, Canada Drives earned the top spot on the Canadian Business Profit 500 list with 5-year revenue growth of 12,686% and was named Canada’s Fastest-Growing Company.[14] From 2016 to 2020 the company was ranked numbers 44, 104, 193, 321, and 386 respectively, on the Deloitte Technology Fast 500 list of fastest growing digital technology, media, and entertainment companies.[15][16][17][18] In 2019 and 2020, Deloitte recognized Canada Drives as one of Canada’s Best Managed Companies.[19][6][20] In 2020, the company was one of three British Columbia-based businesses to feature on Deloitte’s Enterprise Top 15 ranking.[21]

Founder Cody Green has been included on Canada's Top 40 Under 40 2017 list of up-and-coming leaders by BNN Bloomberg as well as the Business in Vancouver Forty Under 40 honoree list.[22][23] In 2016, Green was a recipient of the Ernst & Young Entrepreneur of the Year Award.[24]

References[edit]

  1. ^ "Online car company ships car to your door same day in Ontario". CTV News.
  2. ^ "Quick Facts". Canada Drives.
  3. ^ a b "2019 – 71 – Canada Drives". Canadian Business. September 12, 2019.
  4. ^ a b c "How Canada Drives became Canada's Fastest-Growing Company". Canadian Business. September 15, 2016.
  5. ^ "Online car company ships car to your door same day in Ontario". Toronto. 5 June 2021. Retrieved 2021-07-14.
  6. ^ a b "Canada Drives: Canada's Best Managed Companies 2019 - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  7. ^ "Has Vancouver's booming tech sector turned us into Silicon Valley North?". CBC.ca. September 21, 2016.
  8. ^ "Private is the new public: The problem with tech stars chasing private money as they don't file IPOs". Retrieved 8 June 2020.
  9. ^ "Online car shopping platform Canada Drives eyes national expansion". driving. Retrieved 2021-07-14.
  10. ^ "Local fintechs shift gears to service online car sales". Business in Vancouver. Retrieved 2021-07-14.
  11. ^ "Canada Drives expands online car-buying platform to Ontario". Auto Remarketing. 27 May 2021. Retrieved 2021-07-14.
  12. ^ "Vancouver's Canada Drives Launches Online Vehicle Purchasing And Delivery Nationally". Techcouver.com. 27 May 2021. Retrieved 2021-07-14.
  13. ^ Daum, Kevin (12 October 2018). "This CEO Went from Selling 40 to 40,000 Cars a Year by Bringing Trust into the Car Sales Industry". Inc.com. Retrieved 8 June 2020.
  14. ^ "How Canada Drives became Canada's Fastest-Growing Company - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  15. ^ "2016 Technology Fast 500" (PDF). Deloitte. p. 16.
  16. ^ "2017 Technology Fast 500" (PDF). Deloitte. p. 4.
  17. ^ "2018 Technology Fast 500" (PDF). Deloitte. p. 7.
  18. ^ "2019 Technology Fast 500" (PDF). Deloitte. p. 10.
  19. ^ "Canada's Best Managed Companies: Returning Winners - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  20. ^ "Best Managed winners | Canada's Best Managed Companies". Deloitte Canada. Retrieved 8 June 2020.
  21. ^ "B.C. firms nab six spots on Deloitte Technology Fast 50 rankings". Business in Vancouver. Retrieved 2021-07-14.
  22. ^ Bloomberg, B. N. N. (28 June 2017). "Canada's 2017 Top 40 Under 40 - BNN Bloomberg". BNN. Retrieved 8 June 2020.
  23. ^ "Cody Green". Business in Vancouver. Retrieved 8 June 2020.
  24. ^ Mckenzie, Kevin Hinton & Ryan. "BCBusiness". BCBusiness. Retrieved 8 June 2020.

External links[edit]