EDMONTON, June 25, 2019 /CNW/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North
American automobile dealership group, announced today that it has
completed the previously announced sale of three parcels of real
estate to Automotive Properties Real Estate Investment Trust (the
"REIT") for a total purchase price of approximately $30.4 million. The Company will use the proceeds
from the sale to pay down its credit facility.
Three AutoCanada dealerships entered into 19-year, triple-net
leases with the REIT. The REIT has also agreed to fund future
capital development expenses on one of the properties up to
$2.5 million.
About AutoCanada
AutoCanada, a leading North American multi-location automobile
dealership group currently operating 65 franchised dealerships,
comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees.
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, Smart, BMW, MINI, Volvo,
Toyota, Lincoln and Honda branded
vehicles. In 2018, our dealerships sold approximately 66,000
vehicles and processed approximately 915,000 service and collision
repair orders in our 1,157 service bays generating revenue in
excess of C$3 billion.
Additional information about AutoCanada Inc. is available
at www.sedar.com and the Company's website
at www.autocan.ca.
Forward Looking Statements
Certain statements contained in this press release are
forward‑looking statements and information (collectively
"forward‑looking statements"), within the meaning of the applicable
Canadian securities legislation. We hereby provide cautionary
statements identifying important factors that could cause our
actual results to differ materially from those projected in these
forward‑looking statements. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "will continue", "is anticipated",
"projection", "vision", "goals", "objective", "target",
"schedules", "outlook", "anticipate", "expect", "estimate",
"could", "should", "plan", "seek", "may", "intend", "likely",
"will", "believe" and similar expressions) are not historical facts
and are forward‑looking. Forward looking statements in this
press release include, but are not limited to, statements regarding
the closing of the sale-leaseback transaction. Forward-looking
statements involve estimates and assumptions and are subject to
risks, uncertainties and other factors some of which are beyond our
control and difficult to predict. Accordingly, actual results
or outcomes may differ materially from those expressed in the
forward‑looking statements. Therefore, any such
forward‑looking statements are qualified in their entirety by
reference to the factors discussed throughout this press
release. The Company's Annual Information Form and other
documents filed with securities regulatory authorities (accessible
through the SEDAR website at www.sedar.com) describe the risks,
material assumptions and other factors that could influence actual
results and which are incorporated herein by reference.
Further, any forward‑looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any
forward‑looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward‑looking statement.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.