AutoCanada Agrees to Acquire Rose City Ford in Windsor
EDMONTON, Nov. 19, 2018 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ) announced that it has agreed to acquire Rose City Ford Sales Limited ("Rose City Ford"). Rose City Ford is one of two Ford dealerships in Windsor, Ontario, with a 65,000 square foot facility, an 11-vehicle showroom, 28 service bays and a collision centre.
"We are very excited to acquire our first Ford dealership, an acquisition that will advance our strategy of diversifying the brand and geographic mix in our portfolio of dealerships," said Paul Antony, Executive Chairman of AutoCanada. "We would like to thank Rose City Ford and Ford of Canada for their confidence in AutoCanada and we look forward to building a strong partnership with Ford."
"We can't wait to welcome the Rose City Ford team to AutoCanada and we look forward to continuing to build the Ford brand in Windsor with them," stated Michael Rawluk, President of AutoCanada.
Ford Motor Company of Canada, Limited and AutoCanada have signed a letter of intent with respect to the future operation of Rose City Ford.
The pending acquisition of Rose City Ford by AutoCanada remains subject to customary closing conditions. The acquisition is expected to close in December 2018.
AutoCanada is a leading North American multi-location automobile dealership group currently operating 69 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.
Forward Looking Statements
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 (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe" and similar expressions) are not historical facts and are forward looking. Forward looking statements in this press release include, but are not limited to, statements regarding the acquisition of Rose City Ford by the Company. Forward-looking statements 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, actual results or outcomes may 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 press release. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.
Further, any forward looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward looking statement.
SOURCE AutoCanada Inc.
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