EDMONTON, July 8 /CNW/ - AutoCanada Income Fund ("AutoCanada")
(TSX:ACQ.UN) announced today that it completed its previously announced
agreement of purchase and sale of the assets of Cambridge Hyundai, a Clarke
Addison dealership, located in Cambridge, Ontario, as well as the land and
The dealership shall continue under the name Cambridge Hyundai, and shall
operate out of a new facility on three acres while expanding the prior
dealership facility to 15,300 square feet from 4,800 square feet, increasing
the number of service bays from three to eight plus two other bays and a
double drive-thru, and increasing the new car showroom from two vehicles to
six. Cambridge Hyundai has been in operation since 1996, and in its prior
facility sold 293 new vehicles and 128 used vehicles in 2007.
"We are gratified with the continued confidence Hyundai Auto Canada Corp.
has shown in our operating abilities," stated Pat Priestner, CEO of
AutoCanada. "Excellent manufacturer relationships are a key driver of
successful dealership operations, and we are very pleased that Hyundai Auto
Canada Corp. has provided to us this further opportunity to grow with them".
AutoCanada is Canada's only publicly traded entity with interests
exclusively in the operation of franchised automobile dealerships. Through its
54% interest in AutoCanada LP, it presently operates or manages 21 franchised
automobile dealerships in six provinces and has over 1,070 employees. Through
its owned and managed dealerships, it currently sells Chrysler, Dodge,
Jeep(R), Nissan, Hyundai, Subaru and Mitsubishi branded vehicles. In 2007, its
owned and managed dealerships sold approximately 23,300 vehicles, processed
approximately 231,700 service and collision repair orders in 260 service bays,
and generated revenue of approximately $835 million.
Additional information about AutoCanada Income Fund is available at
www.sedar.com and the Fund's website at www.autocan.ca.
For further information:
For further information: Tom Orysiuk, CA, Executive Vice-President and
Chief Financial Officer, Phone: (780) 732-3139, Email: firstname.lastname@example.org