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Tuesday Ticker: AutoCanada enters used-vehicle auction market

Toronto, Ontario ⁠— In this weekly Tuesday Ticker, AutoCanada enters the used-vehicle auction market with an acquisition; Magna makes electric-centric moves in India and Rivian sets a date for its Q3 results call.

AutoCanada and auctions
Last week, AutoCanada entered the used-vehicle auction market by acquiring North Toronto Auction (NTA), a fee-based used-vehicle auction business based in Innisfil, Ontario.

NTA provides in-house, in-person and online auction solutions to both consumers and dealers, wrote AutoCanada in its press release. Historically the company has transacted more than 5,000 vehicles per year.

AutoCanada said the deal “unlocks additional growth opportunities for NTA’s experienced management team to scale the auction business and add other locations across Canada.”

The financial terms of the deal were not disclosed, though AutoCanada did say it will retain NTA’s management team.

People and powertrains
Magna International said it will spend US$120 million to acquire a new engineering centre in Bengaluru, India. The supplier also said it will hire more than 1,000 engineers for the facility before the end of next year.

The new centre will focus on powertrain electrification, electronics and software-driven vehicles.

The 22,250 sq.-m. facility is set to open in 2023.

Magna’s total sales for 2021 rang up at US$36.2 billion, according to numbers from Automotive News Canada.

Rivian reveals
Electric automaker Rivian will report its Q3 2022 results on Nov. 9, it said last week.

According to an Oct. 3 press release from the automaker, Rivian produced 7,363 vehicles at its Normal, Ill.-based plant in Q3. About 6,600 of those vehicles were delivered to customers.

Rivian had produced 4,401 and delivered 4,467 vehicles in Q2 2022; the automaker made 2,553 cars and delivered 1,227 units in Q1 2022.

Rivian maintains that it will meet its goal to produce 25,000 vehicles this year.

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