Post by
OptsyEagle on Mar 07, 2023 9:34am
re: Buybacks
On the conference call they were asked about dealer acquisitions and stated that they have a few in discussions but many others have dealers who still think the hayday of 2021 etc., are the norm and need to come back to reality and so things are moving a little slower. The CEO then said that they were in an enviable position because if the acquisition candidates cannot offer them a better deal then they get by just buying ACQ stock, they are happy to do that. They will allocate the capital to the best place for that capital.
So I would say they are still in the market to buy ACQ stock. They do have an active NCIB in place to buy stock if they so choose. At these current prices I suspect there will be a little buying, but they have bought back a lot already. I mean there is only 28.5 million shares outstanding. I am a little surprised AutoNation does not take a run at buying AutoCanada. It would cement their footprint in Canada in one fell swoop...and for only a song and dance at these prices.
Comment by
sunshine7 on Mar 07, 2023 9:51am
And if they don't want to be bought or at least want to keep their intitutional shareholders happy, then they should defend the SP ASAP.
Comment by
Amt576a on Mar 08, 2023 10:43pm
How many US-owned Canadian dealerships are there currently?