Canada Drives

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Canada Drives
Private
IndustryFinTech
Founded2010
FounderCody Green
Headquarters,
Area served
Canada
Key people
  • Cody Green (Co-CEO)
  • Michael Galpin (Co-CEO)
  • Stephen Brown (CFO)
[1]
ServicesAuto financing
Number of employees
450[2]
Websitewww.canadadrives.ca

Canada Drives is a Canadian fintech company founded in 2010 and based in Vancouver. The company offers to help car buyers get approved for auto finance regardless of credit history.[3][4]

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.[5] 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.[3]

Co-CEO Michael Galpin joined the company in 2011.[3] 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.[6] As of September 2019, the company employed 450 people.[2]

As of January 2020, Canada Drives is self-financed.[3] The fintech company was identified as a company growing fast enough for an IPO but opted to stay private due to low-interest private equity funds.[7]

Service[edit]

Canada Drives works to simplify the process of getting a vehicle loan regardless of credit.[8] Customers can fill out a questionnaire online to learn what they can afford. They are then referred to a local dealership that knows how to help.[9][3] Canada Drives receives more than one million loan applications every year.[10][11]

Car dealers must pass a screening to become certified dealer partners of Canada Drives. Currently, the company has approximately 350 such partners.[8] In 2018, Canada Drives expanded its service to the United States and the United Kingdom.[12]

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.[13] From 2016 to 2019 the company was ranked numbers 44, 104, 193, and 321, respectively, on the Deloitte Technology Fast 500 list of fastest growing digital technology, media, and entertainment companies.[14][15][16][17] In 2019 and 2020, Deloitte recognized Canada Drives as one of Canada’s Best Managed Companies.[18][5][19]

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.[20][21] In 2016, Green was a recipient of the Ernst & Young Entrepreneur of the Year Award.[22]

References[edit]

  1. ^ "Quick Facts". Canada Drives.
  2. ^ a b "2019 – 71 – Canada Drives". Canadian Business. September 12, 2019.
  3. ^ a b c d e "How Canada Drives became Canada's Fastest-Growing Company". Canadian Business. September 15, 2016.
  4. ^ "Canada Drives plans to double dealer partners in 2016". Auto Remarketing. 24 November 2015. Retrieved 8 June 2020.
  5. ^ a b "Canada Drives: Canada's Best Managed Companies 2019 - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  6. ^ "Has Vancouver's booming tech sector turned us into Silicon Valley North?". CBC.ca. September 21, 2016.
  7. ^ "Private is the new public: The problem with tech stars chasing private money as they don't file IPOs". Retrieved 8 June 2020.
  8. ^ a b "Canada Drives plans to double dealer partners in 2016". Auto Remarketing Canada. November 24, 2015.
  9. ^ 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.
  10. ^ "Canada Drives puts car loans in the fast lane with Salesforce". Salesforce.com. Retrieved 8 June 2020.
  11. ^ "Our Story". Canada Drives.
  12. ^ "Canada Drives officially debuts in US, UK after pilot program". Auto Remarketing. 10 July 2018. Retrieved 8 June 2020.
  13. ^ "How Canada Drives became Canada's Fastest-Growing Company - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  14. ^ "2016 Technology Fast 500" (PDF). Deloitte. p. 16.
  15. ^ "2017 Technology Fast 500" (PDF). Deloitte. p. 4.
  16. ^ "2018 Technology Fast 500" (PDF). Deloitte. p. 7.
  17. ^ "2019 Technology Fast 500" (PDF). Deloitte. p. 10.
  18. ^ "Canada's Best Managed Companies: Returning Winners - Canadian Business". www.canadianbusiness.com. Retrieved 8 June 2020.
  19. ^ "Best Managed winners | Canada's Best Managed Companies". Deloitte Canada. Retrieved 8 June 2020.
  20. ^ Bloomberg, B. N. N. (28 June 2017). "Canada's 2017 Top 40 Under 40 - BNN Bloomberg". BNN. Retrieved 8 June 2020.
  21. ^ "Cody Green". Business in Vancouver. Retrieved 8 June 2020.
  22. ^ Mckenzie, Kevin Hinton & Ryan. "BCBusiness". BCBusiness. Retrieved 8 June 2020.

External links[edit]