EDMONTON, June 17, 2018 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ) today announced that its Board of Directors appointed a Special Committee of independent directors to review strategic alternatives that may be available to the Company to maximize shareholder value.
"As part of our ongoing review of the Company's strategy and performance, which has included discussions with management, our shareholders, and our financial and legal advisors, the Board established a Special Committee of independent directors charged with completing a strategic review to explore a range of strategic and financial alternatives that could enhance shareholder value. In addition the Special Committee will evaluate potential changes to the Company's Board of Directors," said Paul Antony, Chair of the Special Committee.
"It is business as usual while we undertake this important process and at an operational level our focus continues to be on working with our dealers to ensure customers are being well-served in showrooms and service bays across our network," added Steven J. Landry, President and Chief Executive Officer. "We are also focused on improving the efficiency of our operations, specifically targeting further reductions in our operating expenses."
AutoCanada does not intend to provide ongoing updates on the strategic review process unless further disclosure is required. AutoCanada has retained Greenhill & Co. Canada Ltd. and Davies Ward Phillips & Vineberg LLP as advisors.
AutoCanada, a leading North American multi-location automobile dealership group currently operating 68 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, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2017, our dealerships sold approximately 63,000 vehicles and processed approximately 870,000 service and collision repair orders in our 999 service bays generating revenue in excess of C$3 billion.