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AutoCanada profit soars on record pace of car sales, hikes payout

Pat Priestner, CEO of AutoCanada, at one of the company’s dealerships in Edmonton.

ian jackson The Globe and Mail

The record pace of new vehicle sales in Canada is paying off for publicly traded dealer group AutoCanada Inc.

The Edmonton-based company said third-quarter profit soared 61 per cent.

The company raised its annual dividend 84 cents a share after posting profit of $11.0-million or 51 cents a share, up from $6.8-million or 34 cents a share a year earlier.

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"The strong growth during the quarter can be attributed to gross profit increases in all four of our business lines – new vehicles, used vehicles, finance and insurance, and parts, service and collision repair," chief executive officer Pat Priestner said in a statement.

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About the Author
Auto and Steel Industry Reporter

Greg Keenan has covered the automotive and steel industries for The Globe and Mail since 1995. He also writes about broader manufacturing trends. He is a graduate of the University of Toronto and of the University of Western Ontario School of Journalism. More


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