AutoCanada Acquires First Stellantis Dealership in the U.S., Adding Approximately $72 Million in Annualized Revenue

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

AutoCanada Acquires First Stellantis Dealership in the U.S., Adding Approximately $72 Million in Annualized Revenue

Canada NewsWire

AutoCanada Inc. logo (CNW Group/AutoCanada Inc.)

EDMONTON, AB, Nov. 4, 2021 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today the addition of Crystal Lake Chrysler Jeep Dodge Ram, Inc ("Crystal Lake"), a Stellantis dealership located in Crystal Lake, Illinois. Crystal Lake is AutoCanada's first Stellantis dealership in the United States ("U.S."), expands our presence in the Chicago metropolitan market, and is expected to generate approximately $72 million in annualized revenue.

"The addition of this dealership in an attractive growth market further bolsters AutoCanada's presence in southern Illinois and adds to our existing U.S. base," said Executive Chairman, Paul Antony. "We see strong potential for continued growth and improvement in the U.S., with the right management team in place and the right focus on selling cars and driving profitability."

This acquisition was financed using existing balance sheet capacity.

About AutoCanada

AutoCanada is a leading North American multi-location automobile dealership group currently operating 66 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Honda and Porsche branded vehicles. Additionally, the Company's Canadian operations segment currently operates two used vehicle dealership supporting the Used Digital Retail Division, and three stand-alone collision centres (within our group of 18 collision centres). In 2020, our dealerships sold approximately 66,000 vehicles and processed over 756,000 service and collision repair orders in our 1,098 service bays generating revenue in excess of $3 billion.

Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.

SOURCE AutoCanada Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/04/c9758.html

Copyright CNW Group 2021

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).