EDMONTON, AB, June 25, 2024 /CNW/ – AutoCanada Inc. (“AutoCanada” or the “Firm”) (TSX: ACQ), a multi-location North American vehicle dealership group, introduced right now that it has acquired Nurse Chevrolet Cadillac (“Nurse”), a brand new and used automobile Chevrolet Cadillac dealership and collision centre, positioned in Whitby, Ontario.
“We’re grateful that Mary Nurse selected AutoCanada to be the steward of this enterprise. The Nurse household served the group for the final 50+ years and we look ahead to proudly carrying their legacy into the long run. Additional, Mary’s truthful and genuine management model have enabled her to pioneer the way in which for girls in automotive in Canada. She has attracted and constructed a high-quality workforce able to taking up the subsequent leg of the journey. We’re excited to be working with the workforce at Nurse to additional develop the enterprise and serve prospects all through the Whitby market”, stated Govt Chairman, Paul Antony. “This acquisition provides a powerful dealership with important development potential, bringing our Ontario dealership footprint to 23 areas. It additionally provides one other licensed collision centre to AutoCanada’s Collision platform, which now consists of 28 collision centres with 10 positioned in Ontario. Notably, the acquisition expands our relationship with Basic Motors Canada, provides one other Cadillac retailer into our dealership portfolio, and represents our first dealership in Whitby.”
Nurse is a well-established enterprise within the Whitby space, having served the local people for over 58 years with a monitor file of delivering top-tier buyer satisfaction. The mixed dealership and collision centre function out of an 85,000 sq. foot facility on a six-acre website. The present administration workforce will proceed to function the enterprise going ahead.
Monetary Highlights
The dealership and collision centre presently generates annual revenues in extra of $80 million. The transaction will likely be funded utilizing the Firm’s credit score facility and is anticipated to be accretive to 2024 earnings.
About AutoCanada
AutoCanada is a number one North American multi-location vehicle dealership group presently working 85 franchised dealerships, comprised of 28 manufacturers, in eight provinces in Canada in addition to a gaggle in Illinois, USA. AutoCanada presently 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, Acura, Honda and Porsche branded automobiles. As well as, AutoCanada’s Canadian Operations section additionally presently operates three used automobile dealerships and one used automobile public sale enterprise supporting the Used Digital Division, 13 RightRide division areas, and 11 stand-alone collision centres inside our group of 28 collision centres. In 2023, our dealerships offered roughly 100,000 automobiles and generated income in extra of $6 billion.
Ahead-looking Statements
Sure statements contained on this press launch are forward-looking statements and knowledge (collectively, “forward-looking statements”) throughout the that means of the relevant Canadian securities laws. We hereby present cautionary statements figuring out vital elements that would trigger our precise outcomes to vary materially from these projected in these forward-looking statements. Any statements that specific, or contain discussions as to, expectations, beliefs, plans, aims, assumptions or future occasions or efficiency (usually, however not all the time, by means of the usage of phrases or phrases resembling “will seemingly consequence”, “are anticipated to”, “will proceed”, “is anticipated”, “projection”, “imaginative and prescient”, “objectives”, “goal”, “goal”, “schedules”, “outlook”, “anticipate”, “count on”, “estimate”, “might”, “ought to”, “plan”, “search”, “could”, “intend”, “seemingly”, “will”, “consider” and comparable expressions) aren’t historic information and are ahead trying. Specifically, this press launch comprises forward-looking statements with respect to, amongst different issues, future working outcomes of the acquired dealership and collision centre, the profitable integration of such dealership and collision centre into AutoCanada’s enterprise, and the expansion of the Firm’s collision and F&I divisions.
The forward-looking statements included on this press launch aren’t ensures of future efficiency and shouldn’t be unduly relied upon. Readers are cautioned that forward-looking statements are based mostly on present expectations, estimates and projections that, by their nature, forward-looking statements contain plenty of identified and unknown dangers and uncertainties, which might trigger precise outcomes to vary materially from these anticipated and described within the forward-looking statements. These identified and unknown dangers and uncertainties embody, however aren’t restricted to: our capacity to efficiently implement our strategic initiatives; our capacity to efficiently combine newly acquired franchised dealerships; financial situations, together with modifications in curiosity and/or inflation charges, shopper demand, tariffs and gas costs; provide chain disruptions and stock availability; pure disasters; security recollects; cybersecurity incidents; potential modifications within the regulatory and legislative surroundings; working dangers inherent within the automotive retail business; and modifications generally financial situations together with the capital and credit score markets.
AutoCanada cautions that the foregoing checklist of assumptions, dangers and uncertainties just isn’t exhaustive. The Firm’s Annual Info Type and different paperwork filed with securities regulatory authorities (accessible by means of the SEDAR web site at www.sedarplus.com) describe the dangers, materials assumptions and different elements that would affect precise outcomes and that are integrated herein by reference. The forward-looking statements contained on this press launch communicate solely as of the date hereof and AutoCanada assumes no obligation to publicly replace or revise them to replicate new occasions or circumstances, besides as could also be required pursuant to relevant securities legal guidelines.
Further details about AutoCanada is out there at www.sedarplus.com and the Firm’s web site at www.autocan.ca.
SOURCE AutoCanada Inc.
For additional info contact: Azim Lalani, Chief Monetary Officer, Cellphone: 780-732-3157, E mail: [email protected]
