EDMONTON, April 3 /CNW/ - AutoCanada Income Fund ("AutoCanada" or the
"Fund" TSX: ACQ.UN), Canada's only publicly traded franchised automobile
dealership business, announced today that the Northland Motors LP dealership,
operating as Northland Hyundai in Prince George, British Columbia, shall be
relocating the first week of April, 2007 to a new dealership facility.
The new dealership facility expands the dealership from 5,500 sq. ft. to
17,800 sq. ft. and increases the number of service bays from four to nine as
well as significantly increases the size of the new vehicle showroom. The new
dealership facility also includes a drive-thru, customer lounge and children's
play centre amenities. The facility was built by a subsidiary of Canada One
Auto Group Ltd. ("Canada One") on land owned by such company. Mr. Priestner is
the majority shareholder of Canada One Auto Group Ltd. Mr. Priestner is also
Chief Executive Officer of the Fund. As with all other properties owned by
Canada One and leased to dealerships owned by the Fund, lease payments shall
be determined by an independent third party appraisal. Mr Priestner said: "We
are pleased through this new facility to offer our Hyundai customers in Prince
George an enhanced vehicle purchase experience consistent with our vision of
total customer satisfaction."
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 operates or manages 17 franchised automobile
dealerships in six provinces and has over 940 employees. It currently sells
various new vehicle brands, including Chrysler, Dodge, Jeep, Subaru, Hyundai,
and, through a managed dealership, Nissan. In 2006, its franchised automobile
dealerships sold approximately 19,000 vehicles and processed approximately
215,000 service and collision repair orders in 245 service bays, generating
revenue of approximately $694 million.
About Canada One Auto Group Ltd.
Canada One Auto Group Ltd. is a private company controlled by Patrick
Priestner. On May 11, 2006 AutoCanada Income Fund acquired the business assets
of Canada One Auto Group Ltd as disclosed in its prospectus that was filed on
May 3, 2006. Canada One holds a 46% interest in the Fund on a fully diluted
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, AutoCanada Income Fund, Phone: (780) 732-3139