AutoCanada Announces Award of Chevrolet Buick GMC Open Point Dealership
EDMONTON, Dec. 21, 2018 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ) announced that it has been awarded the right to a General Motors open point dealership featuring the Chevrolet, Buick and GMC brands in Maple Ridge, British Columbia, a community located in the northeastern sector of Greater Vancouver. The Company will construct an approximately 33,400 square foot facility designed to General Motors image standards, with construction expected to be completed in the first quarter of 2020.
The Maple Ridge Chevrolet Buick GMC dealership will complement AutoCanada's existing dealerships in Maple Ridge, British Columbia and AutoCanada's five other General Motors dealerships in British Columbia, Saskatchewan and Manitoba.
"We would like to thank General Motors Canada for their continued confidence in AutoCanada through the awarding of the GM Maple Ridge open point," said Paul Antony, Executive Chairman of the Company. Michael Rawluk, President of the Company, further noted "we will leverage AutoCanada's team and experience to apply our standards of operational excellence to this open point."
"We are very excited to partner with AutoCanada in expanding our dealer network," said Scott Bell, Vice President, Sales, Service and Marketing of General Motors Canada. "Establishing a dealership in the Maple Ridge open point is a significant milestone for the Great Vancouver area as it has been an open point for Chevrolet Buick GMC since January 2007."
The land for the open point is subject to the sale-leaseback transaction with Capital Automotive announced by AutoCanada today and Capital Automotive will fund the construction of the facility.
AutoCanada, a leading North American multi-location automobile dealership group currently operating 68 franchised dealerships, comprised of 28 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, Ford, 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 construction of the facility for the General Motors Maple Ridge open point and operations thereat. 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.