EDMONTON, Oct. 4, 2016 /CNW/ - AutoCanada Inc.
("AutoCanada") (TSX: ACQ) announced today that it has entered into
an agreement to purchase all of the issued and outstanding shares
of Wellington Motors Limited, which operates a Chrysler Dodge Jeep
Ram Fiat dealership in Guelph,
Ontario (the "Dealership"). The transaction is subject to
customary closing conditions and approvals and is expected to close
within 21 days.
As part of the transaction, AutoCanada will purchase the
Dealership lands and 40,793 square foot facility with a 12 car
showroom and 16 service bays. In 2015, this Dealership retailed 968
new vehicles and 402 used vehicles, with an annual revenue of
approximately $61 million.
"We are extremely pleased to welcome Wellington Motors into our
Ontario dealer group. The
dealership recently owned and operated by Ted and Mike Woods has a long history serving
the Guelph community, recently
celebrating its 75th anniversary. We are thrilled to
acquire such a flagship store in Ontario. The Woods family
has been a staple in the Guelph
community and AutoCanada intends to continue that strong
tradition" stated Steven Landry, Chief Executive Officer
of AutoCanada.
About AutoCanada Inc.
AutoCanada is one of Canada's
largest multi-location automobile dealership groups, currently
operating 53 franchised dealerships, comprised of 60 franchises, in
eight provinces and has over 3,700 employees. AutoCanada currently
sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC,
Buick, Cadillac, Infiniti, Nissan,
Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, KIA, BMW and MINI
branded vehicles. In 2015, our dealerships sold approximately
62,800 vehicles and processed approximately 848,000 service and
collision repair orders in our 912 service bays during that
time.
Additional information about AutoCanada Inc. is available at
www.sedar.com and the Company's website at
www.autocan.ca.
SOURCE AutoCanada Inc.