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AutoCanada buys 11 auto dealerships in Ontario from Autopoint Group

Canadian Press - Wed Dec 1, 2021

EDMONTON — AutoCanada Inc. says it has bought 11 auto dealerships from the Autopoint Group in southwestern Ontario.

Financial terms of the deal were not immediately available.

AutoCanada says the dealerships generate annual revenue of over $345 million, selling and servicing Honda, Acura, Nissan, Infiniti, Subaru, and Kia vehicles.

The deal increases AutoCanada's dealership count in Ontario to 18 from seven.

AutoCanada says it has also signed a deal to buy North London Toyota from Autopoint, but the acquisition remains subject to conditions, including OEM approval.

AutoCanada operates 78 franchised dealerships, including 28 brands, in eight provinces in Canada as well as a group in Illinois.

This report by The Canadian Press was first published Dec. 1, 2021.

Companies in this story: (TSX:ACQ)