Global B2B automotive trading platform Trade X will add Techlantic, an Ontario-based auto trading, redistribution, and financing company, to its global group of companies.
Trade X signed a definitive agreement to acquire the company in a move meant to boost its existing platform’s capabilities (such as trade financing, logistics, and letter of credit processing), and to add more expertise around wholesale automotive trading to its platform for car dealers, importers, exporters, fleet owners, rental companies, and mobility solution providers.
“The Trade X team recognizes Techlantic as an established leader in helping customers overcome many of the complexities of trading pre-owned vehicles internationally,” said Ryan Davidson, Founder and CEO of Trade X. “We are delighted to welcome them as we embark on an exciting period of international growth and additional strategic, accretive acquisitions.”
Techlantic has a long history in international vehicle trade that dates back to 1983, according to Trade X. The company facilitates all aspects of trade financing, including cash flow management, tax claims, shipping, letter of credit processing, and accounting. It also has an extensive international client base throughout Canada, the United States, Mexico, Asia, Europe, and the Middle East.
Luciano Butera, the executive VP and COO of Trade X, said their company will expand Techlantic’s capital resources and global reach. “The resources of our combined teams are expected to position Trade X as a world-class trade finance specialist and leader in the international automobile redistribution industry,” said Butera.
