EDMONTON, May 22, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that it has obtained approval
from BMW Canada Inc. ("BMW Canada") to purchase the shares of
Automobile Canbec Inc. which owns and operates a BMW and a MINI
dealership, located in Montreal, Quebec. BMW Canbec and MINI Mont
Royal are two very well established premium dealerships currently
operating from a 120,000 square foot leased facility which includes a
35 car showroom, a 35 bay service centre, and a 30 bay body shop. In
2013, the franchises retailed a combined 1,652 new vehicles and 713
used vehicles. The expected closing date for the transaction is June
"BMW Canada's approval represents a significant milestone for our
Company, adding two premium brands with unparalleled heritages to the
AutoCanada family. We would like to thank BMW Canada and its employees
for all of their hard work and assistance with this transaction, and we
look forward to developing a long term, mutually rewarding
partnership." stated Pat Priestner, Chairman and CEO of AutoCanada.
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 34 franchised dealerships in
seven provinces and has over 1,600 employees. AutoCanada currently
sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC, Buick,
Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, and
Volkswagen branded vehicles. In 2013, our dealerships sold
approximately 36,000 vehicles and processed approximately 364,000
service and collision repair orders in our 381 service bays during that
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
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 are not
historical facts and are forward-looking and may 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, these factors could cause actual results or outcomes to
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 release and as contained in the Company's Annual
Information Form dated March 20, 2014 which is accessible through the
SEDAR website at www.sedar.com.
SOURCE: AutoCanada Inc.
For further information:
Jeff Christie, CA
Phone: (780) 732-7164