DSMA to Identify and Assist in Securing Dealer
Partnerships across North America
for Vicinity's Industry-Leading, Class 3 VMC 1200 All-Electric
Trucks
VANCOUVER, BC, Feb. 23,
2023 /CNW/ -- Vicinity Motor Corp. (NASDAQ: VEV)
(TSXV: VMC) ("Vicinity" or the "Company"), a North American
supplier of commercial electric vehicles, today announced it signed
a dealer network development services agreement with Dealer
Solutions Mergers and Acquisitions ("DSMA") to enhance North
American market penetration for its industry-leading, Class 3 VMC
1200 all-electric trucks.
"DSMA is the premier transaction originator and advisor in the
North American automotive and heavy equipment sectors, with an
unrivaled ability to reach any dealer in Canada or the United
States," said John LaGourgue,
VP Sales and Corporate Development at Vicinity Motor Corp. "By
working with DSMA, we will be able to more rapidly secure
high-value dealer partnerships that will maximize our ability to
deliver VMC 1200 trucks to market while ensuring the highest level
of customer service and satisfaction."
Per the terms of the services agreement, DSMA will assist
Vicinity in identifying and establishing dealer performance
criteria, metrics, and guidelines for selecting and prioritizing
dealership opportunities, setting the strategy for "early
adopters", prioritizing geographic focus and helping define
opportunities to enter different markets or introduce new vehicle
offerings.
"We believe that our VMC 1200 truck, and those interested in
acquiring the first all-electric Class 3 truck, are best served by
automotive and commercial equipment dealers that are already
established in their markets and have a deep understanding of the
local customer base," added William
Trainer, Vicinity's Founder and CEO. "Our expertise is
delivering industry-leading buses and trucks that are purpose
designed for the markets they serve. When addressing the
light-to-medium duty truck market, which equates to about 500,000
new units a year, it is a natural fit for us to partner with the
groups that are already addressing the market with premier dealer
services. DSMA can help us identify and execute on these
relationships," concluded LaGourgue.
Farid Ahmad, Founder and CEO of
DSMA, added: "We believe there is a tremendous market demand for a
fully electric Class 3 commercial EV such as the VMC 1200 and look
forward to leveraging our expertise to expedite the entry of this
flagship vehicle into key markets across North America."
About DSMA
DSMA (Dealer Solutions North America) is North America's leading automotive
intelligence and M&A advisory service, having completed 1500+
dealership valuations and 370+ successful transactions in the past
10 years. For more information, please visit www.dsma.com.
DSMA Company Contact:
Farid
Ahmad
President and CEO
416-844-5581
farid@dsma.com
DSMA Network Development Contact:
Chris Julian
Manager, Network Development
905-329-0923
chris.julian@dsma.com
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ: VEV) (TSXV: VMC) ("VMC") is a
North American supplier of electric vehicles for both public and
commercial enterprise use. The Company leverages a dealer network
and close relationships with world-class manufacturing partners to
supply its flagship electric, CNG and clean-diesel Vicinity buses,
as well as the VMC 1200 electric truck to the transit and
industrial markets. For more information, please visit
www.vicinitymotorcorp.com.
VMC Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com
VMC Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us
Neither the TSX-V nor its Regulation Service Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
securities laws. All statements, other than statements of
historical fact, included herein are forward-looking statements.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results
"will", "may", "could", or "should" occur or be achieved.
Forward-looking statements involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Vicinity's expectations include uncertainties
relating to the economic conditions in the markets in which
Vicinity operates, vehicle sales volume, anticipated future sales
growth, the success of Vicinity's operational strategies, the
timing of the completion of the vehicle assembly facility in the
State of Washington, the effect of
the COVID-19 pandemic, related government-imposed restrictions on
operations, the success of Vicinity's strategic partnerships; and
other risk and uncertainties disclosed in Vicinity's reports and
documents filed with applicable securities regulatory authorities
from time to time. Vicinity's forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made. Vicinity assumes no obligation to update the
forward-looking statements or beliefs, opinions, projections, or
other factors, should they change, except as required by law.
SOURCE DSMA and VMC