AutoCanada Acquires First Stellantis Dealership in the U.S., Adding Approximately $72 Million in Annualized Revenue
EDMONTON, AB, Nov. 4, 2021 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today the addition of Crystal Lake Chrysler Jeep Dodge Ram, Inc ("Crystal Lake"), a Stellantis dealership located in Crystal Lake, Illinois. Crystal Lake is AutoCanada's first Stellantis dealership in the United States ("U.S."), expands our presence in the Chicago metropolitan market, and is expected to generate approximately $72 million in annualized revenue.
"The addition of this dealership in an attractive growth market further bolsters AutoCanada's presence in southern Illinois and adds to our existing U.S. base," said Executive Chairman, Paul Antony. "We see strong potential for continued growth and improvement in the U.S., with the right management team in place and the right focus on selling cars and driving profitability."
This acquisition was financed using existing balance sheet capacity.
AutoCanada is a leading North American multi-location automobile dealership group currently operating 66 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Honda and Porsche branded vehicles. Additionally, the Company's Canadian operations segment currently operates two used vehicle dealership supporting the Used Digital Retail Division, and three stand-alone collision centres (within our group of 18 collision centres). In 2020, our dealerships sold approximately 66,000 vehicles and processed over 756,000 service and collision repair orders in our 1,098 service bays generating revenue in excess of $3 billion.
SOURCE AutoCanada Inc.