EDMONTON, Feb. 20, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX:ACQ) announced today that it has been awarded the right
to a Volkswagen open point dealership in Sherwood Park, Alberta, a
community adjacent to Edmonton, Alberta. The Company intends to
construct an approximately 45,000 square foot facility in Sherwood
Park, designed to Volkswagen Canada image standards, with construction
anticipated to be completed in Q1 2016. The open point has a planning
potential of 800 new vehicles annually which the Company anticipates
achieving in two-three years of operation. The new facility is also
expected to add 21 service bays.
In commenting on the award of the franchise, Pat Priestner, Chairman and
CEO of AutoCanada stated, "We are thrilled to be awarded this
opportunity in our home market, and wish to thank very much Volkswagen
Canada for the trust and confidence that they have shown in us by this
decision. Since acquiring our first Volkswagen dealership in Maple
Ridge in 2008, we have had the good fortune to build a strong
partnership with this prestigious and very important brand, and we very
much look forward to building a flagship facility to serve the ever
growing Volkswagen customer base, and which will complement wonderfully
our existing Sherwood Park Chevrolet, Sherwood Park Hyundai and
Petersen Buick GMC dealership operations."
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 32 franchised dealerships in six
provinces and has over 1,500 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti,
Nissan, Hyundai, Subaru, Mitsubishi, Audi, and Volkswagen branded
vehicles. In 2012, our dealerships sold approximately 30,000 vehicles
and processed approximately 309,000 service and collision repair orders
in our 333 service bays during that time.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
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 are not
historical facts and are forward-looking and may 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, these factors could cause actual results or outcomes to
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 release and as contained in the Company's Annual
Information Form dated March 26, 2013 which is accessible through the
SEDAR website at www.sedar.com.
SOURCE AutoCanada Inc.