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AutoCanada boosts buying plans, to add more dealerships

Pat Priestner, CEO of AutoCanada, at one of his dealerships in Edmonton, Alberta, on May 02, 2012.

Ian Jackson/The Globe and Mail

Auto dealer group AutoCanada Inc. has raised the number of dealerships it intends to buy during the next 12 months.

The company could acquire eight to 10 stores, in addition to three purchases that closed in March and April as well as other deals that have already been announced this year.

The company announced the acquisition of a BMW and Mini stores in Montreal last month–its first agreements with one of the leading luxury brands in Canada.

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The Edmonton-based company, which is Canada's largest publicly traded auto dealership group, is also in the process of closing a deal to buy the Hyatt Group in Calgary, sources have said.

"The deal pipeline continues to be strong," AutoCanada chief executive officer Pat Priestner said in a statement.

Mr. Priestner's contract as chief executive officer has been extended to May 31, 2019, the company said Thursday.

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