Toronto, Ontario — This weekly Tuesday Ticker takes a look at Blackberry’s moves in the automotive space; some FFUN in Ontario and a $40 million investment into Canadian new vehicle sales.
Fruits of labour
BlackBerry, the once-popular, now defunct phone manufacturer, has benefitted from a capital resurgence as their BlackBerry QNX software increases growth within the automotive industry.
BlackBerry’s QNX software is a safety-certified software currently installed in over 215 million vehicles worldwide; according to company director of Automotive Connected Mobility Roger Lanctot, “BlackBerry remains the leading choice for safety-critical automotive software.”
As such, BlackBerry presents an interesting stock option. Despite its crash early last month, BlackBerry stock rose 9.1 percent last week and is continuing its rise, as of this writing Monday afternoon.
While it isn’t sure whether BlackBerry’s resurgence is a truly long-term investment opportunity, the company’s stock potential appears better than following its dissolution from the cellphone market and its all-time low in March 2020.
BlackBerry closed at $7.47 per share on Monday.
Just for FFUN
Saskatoon, Saskatchewan-based dealership the FFUN group has acquired London, Ont.’s Forest City Mazda, marking the company’s first Mazda store to its line-up of OEM offerings in Western Canada.
FFUN group first emerged in 2003 but has touted roots in the automotive industry since 1974. The company now has locations with OEMs like Hyundai, Kia, Acura, Volkswagen, Ford, Chrysler, Dodge, Jeep, Ram and Genesis. The company also operates a financial, insurance and warranty arm that “provide[s] expanded alternatives” for customers.
The new Forest City Mazda expansion into Ontario began with The Rock Harley Davidson in Sudbury, Ontario circa 2013. This current expansion represents another move to make FFUN Group a nationwide entity.
“One of our core values is to be driven to grow,” says President & CEO Mark Loeppky, “We are excited about continuing our expansion into the Ontario automotive market and the opportunities it provides for our entire group,” says President & CEO Mark Loeppky.
The recently acquired Forest City Mazda(London) also serves the communities of Strathroy, Dorchester, Port Stanley, St. Thomas, and surrounding areas.
Forty mil in funding
Canada Drives, a 100-percent online Canadian automotive shopping and delivery service has acquired $40M in funding to expand its market and improve its online platform and inventory.
Goeasy’s financial investment in Canada Drives comes after further expansion into Saskatchewan, and the creation of the new “Sell My Car feature in May. Goeasy has also pledged to help Canada Drives incorporate financing for vehicle purchases into the CD app itself.
“The investment led by Goeasy further positions Canada Drives as the industry leader in the Canadian automotive e-commerce market,” says Cody Green, Co-CEO of Canada Drives.
The move represents the growth of another Canadian automotive brand and the expansion of ease further into the Canadian market.