A Canadian start-up providing B2B trading solutions for auto dealers has acquired an established automotive trading, redistribution, and financing company to improve its trade financing, logistics, and letter of credit (L/C) processing capabilities.

Trade X Group (Tradex) has signed a definitive agreement acquiring Techlantic, an Ontario-based automotive trading, redistribution, and financing company, for undisclosed terms.

Established player

Techlantic has a long strong history in international vehicle trade dating back to 1983, and facilitates all aspects of trade financing, including cash flow management, tax claims, shipping, L/C processing, and accounting.

It aims to enable automotive trading customers to obtain financing and navigate the complexities of tax compliance and international regulation.

Innovative technology

Established in 2018 and also with its headquarters in Ontario, Tradex claims to be the first global vehicle marketplace to aggregate cross-border supply and demand for car dealers, fleet owners, rental companies, mobility solution providers, importers and exporters.

The company's key platform is a machine-learning, artificial intelligence driven technology that connects buyers and sellers through a transparent marketplace that aids sellers in finding the world's highest bidders and gives buyers access to the best source markets and price arbitrage opportunities.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.