AutoCanada Inc T.ACQ

Alternate Symbol(s): AOCIF

Consumer Cyclical Auto & Truck Dealerships

AutoCanada Inc. is a Canada-based multi-location franchised automobile dealership company. The Company offers a diversified range of automotive products and services, including new vehicles, used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, extended service contracts, vehicle protection products, after-market products and auction services. The Company also arranges financing and insurance for vehicles purchased by its customers through third-party finance and insurance sources. Its segments include Canadian Operations and U.S. Operations. It operates 83 franchised dealerships, comprising of 28 brands, in eight provinces in Canada as well as a group in Illinois, United States of America. It 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, Acura, and Honda brands.

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AutoCanada Inc

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Post by Betteryear2on Dec 27, 2023 9:02am

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Post# 35800938

AUTOCANADA RECEIVES $25 MILLION INVESTMENT

EDMONTON, AB, Dec. 27, 2023 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced the investment by iA Financial Group ("iA") of $25 million for a 10% equity interest in AutoCanada's business unit that will sell finance, insurance and warranty products to buyers of private owner-sold vehicles on Kijiji's online marketplaces (the "Online C2C F&I Business"). AutoCanada has also announced the purchase of the minority 19.1% interest (the "UDLP Minority Interest") in its Used Digital Division that is owned by AutoCanada UD LP ("UDLP") from Paul Antony, the Executive Chairman of the Company, and others for $23.9 million in cash, funded from the proceeds of the iA investment, and $7.5 million in share units issuable to Paul Antony. The share units will be settled through the delivery of AutoCanada shares acquired in the market. The former UDLP Minority Interest holders have agreed to use the after-tax cash proceeds to purchase AutoCanada shares in the market.

AUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNERSHIP OF ITS USED DIGITAL DIVISION (newswire.ca)

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