EDMONTON, Oct. 20, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ) announced today that it has obtained approval from Chrysler Canada to purchase the operating assets of Toronto Dodge Chrysler Ltd. ("Toronto Dodge"), which owns and operates a Chrysler Dodge Jeep Ram dealership located in Toronto, Ontario. This acquisition is expected to close October 20, 2014.
Toronto Dodge was originally founded 1986 and operates from a leased facility which includes a seven car showroom and fourteen service bays. In 2013, the dealership retailed 615 new vehicles and 199 used vehicles.
Commenting on the transaction, Pat Priestner, Chairman and CEO of AutoCanada stated, "We are very excited to add a Chrysler dealership to the existing three dealerships of our Toronto platform, an excellent market for auto retail. We would like to thank Chrysler Canada for its hard work in assisting us with this transaction. We look forward to servicing the loyal customers and to welcome all of the employees of Toronto Dodge to the AutoCanada family."
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 45 franchised dealerships in eight provinces and has over 2,700 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 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 time.
SOURCE: AutoCanada Inc.
For further information: Christopher Burrows, Vice-President & Chief Financial Officer, Phone: 780.509.2808, Email: email@example.com