AUGUST 2021
TSX VENTURE: QIS
Welcome to our August 2021 Investor Newsletter!
Q2 2021 saw a strong return to vehicle sales activity and pandemic-driven digital retailing trends are expected to continue to accelerate going forward. This is great news for Quorum as our full product suite also delivers a complete digital retailing experience for consumers.
According to recent McKinsey & Company report, “How the Automotive Industry is Accelerating out of the Turn”, the integration of legacy and digital systems are accelerating.
The report found that while some consumers have begun returning to the dealership floor to preview and purchase vehicles in person, dealerships are now accelerating their ability to cater to customers both virtually and physically. This means that auto dealerships will need to upgrade their systems, data, and processes to seamlessly run their operations while catering to consumers on-line, in-person, or both.
Quorum Strategy: “On-the-Mark” with Reported Industry Changes
Quorum’s product suite has always delivered a frictionless workflow for dealerships, combined with a digital retailing experience for consumers. This allows dealerships to provide a modernized consumer experience that integrates perfectly with existing in-dealership processes.
Quorum also allows different platforms – both physical and virtual – to complement one another. It supports both dealerships and OEMs as more consumers transition to digital retailing to buy a vehicle, and to a virtual, touchless service experience.
Learn more about our digital retailing solutions in our recent Customer Case Study: Finch Auto Group Improves Transparency and Smooths Customer Transactions with Quorum’s Autovance MyDeal.
Please also join us for our Q2 2021 Results Conference Call this Thursday where we will expand on how dealerships are supporting Quorum’s strategy with their wallets.
RECENT NEWS:
August 5, 2021 – DealerMine workforce expansion creates jobs in Saint John region – Opportunities New Brunswick (ONB) announced that Quorum is eligible for an investment from ONB of up to $820,000 to support the hiring of (up to) 226 people over four years. Quorum’s DealerMine brand has seen growing dealership demand for both our Service Customer Relationship Management and Business Development Centre services. As a result, Quorum is actively hiring staff with support from ONB. The long-standing and valuable partnership that DealerMine has with ONB will further Quorum’s growth as we add to our team of over 150 current staff in New Brunswick.
August 19, 2021 – Quorum set to deploy XSellerator dealerships on Microsoft Azure With Azure, Quorum reduces deployment costs and increases the scalability of XSellerator – Quorum announced the completion of its Azure Virtual Desktop pilot and production readiness for deployment of its XSellerator Dealership Management System (DMS) to automotive dealership customers. Leveraging the Microsoft Azure cloud platform eliminates the need for on-premise servers or a Quorum-hosted solution. We are now actively marketing and selling the Microsoft Azure cloud platform to existing and prospective XSellerator DMS customers. This is also a significant opportunity for our dealerships as we can now leverage the scalability, security and enterprise-grade reliability of Azure.
August 24, 2021 – Quorum expands BDC Services to include Collision Centres DealerMine and AutoCanada leverage long-standing strategic partnership to expand DealerMine’s BDC services to AutoCanada’s Collision Centres – Quorum has expanded its DealerMine Business Development Centre (BDC) services to include collision centres, providing valuable lead generation services that help book more service appointments. This expansion was driven by AutoCanada, who was looking for a solution for their own collision centers. Through DealerMine and AutoCanada’s long-standing strategic partnership, they collectively developed, and now deliver, BDC services to all AutoCanada collision centres.
“We knew we had untapped opportunities for collision repair in our service operation, but we were struggling to capture these opportunities,” stated Michael Rawluk, AutoCanada President. “The initiative with DealerMine has been instrumental in not only capturing more incoming opportunities, but also driving more bookings through outbound marketing. We are excited to continue this effort as the DealerMine team continues to drive more business to our collision centres.”
UPCOMING EVENTS:
Wednesday, August 25:
Q2 2021 Quarter End Results News Release (after markets close)
Thursday, August 26:
Q2 2021 Quarter End Results Conference Call with Webcast
11:00 am Mountain (1:00 pm Eastern)
Webcast Registration and Access
Toll-free dial-in number: (844) 967-3741
Thank you for your continued interest in Quorum and I invite you to join us on our Q2 2021 Results Conference Call (also available as an audio webcast) this Thursday, August 26th.
Kind regards,
Maury
Maury Marks
President and CEO
1Adjusted EBITDA (non-GAAP) – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, foreign exchange gains and losses, one-time acquisition-related expenses and restructuring fees.
