EDMONTON, April 15, 2015 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ) announced today that it has reached agreement to purchase the operating assets of North Hill Motors (1975) Ltd. ("Airdrie Chrysler"), which owns and operates a Chrysler Dodge Jeep Ram dealership located in Airdrie, Alberta.
Airdrie Chrysler was founded 40 years ago and is now owned and operated by Mr. Larry McCook, Mr. Brad Styner and Ms. Jolayne Leger. The dealership operates from a facility which includes an eight car showroom and twenty service bays. In 2014, the dealership retailed 935 new vehicles and 704 used vehicles. The transaction is subject to approval of the manufacturer and is expected to close 30 days following such approval.
"Airdrie Chrysler has a long and successful history in Airdrie and we look forward to continuing its storied tradition," stated Tom Orysiuk, President and CEO. "Airdrie Chrysler is located just minutes away from Calgary, and expands upon our current eight dealership Calgary platform." Patrick Priestner, Executive Chairman added, "We are very pleased to acquire this premium franchise in Alberta, which has proven to be, and over the long-term is projected to be, one of the strongest retail automotive markets in Canada."
About AutoCanada Inc.
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 48 franchised dealerships, comprised of 56 franchises, in eight provinces and has over 3,400 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW and MINI branded vehicles. In 2014, our dealerships sold approximately 57,000 vehicles and processed approximately 786,000 service and collision repair orders in our 822 service bays during that time.
AutoCanada est l'un des plus importants groupes de concessions automobiles à établissements multiples du Canada. Elle exploite actuellement 48 concessions franchisées dans huit provinces et emploie plus de 3 400 employé(e)s. AutoCanada vend actuellement des véhicules de marques Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW et MINI. En 2014, nos concessions ont vendu environ 57 000 véhicules et traité environ 786 000 demandes d'entretien et de réparation par suite de collision à nos 822 aires de service.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release may be forward-looking statements and forward-looking information. In particular, forward-looking information and statements in this press release include, but are not limited to, the approval of the acquisition by the manufacturer and the projected strength of the Alberta automotive retail market. These forward-looking statements and information are based on certain key expectations and assumptions made by AutoCanada, including the assumption that all necessary approvals will be obtained. Although AutoCanada believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as AutoCanada cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that OEM approval will not be obtained for the acquisition and the acquisition will not be completed as proposed or at all and general economic, market and business conditions. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect AutoCanada's operations, financial results and the completion of the proposed acquisition are included in AutoCanada's annual information form and the other disclosure documents filed by AutoCanada with securities regulatory authorities which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and AutoCanada does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE AutoCanada Inc.
For further information: Christopher Burrows, Vice-President & Chief Financial Officer, Phone: 780.509.2808, Email: [email protected]