Business
AUTOCANADA COMPLETES SALE OF KIA OF LINCOLNWOOD AND ADVANCES U.S. EXIT STRATEGY
AUTOCANADA COMPLETES SALE OF KIA OF LINCOLNWOOD AND ADVANCES U.S. EXIT STRATEGY Canada Ne...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\nAUTOCANADA COMPLETES SALE OF KIA OF LINCOLNWOOD AND ADVANCES U.S. EXIT STRATEGY\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; FONT-SIZE: 8PT; FONT-FAMILY: ARIAL; COLOR: BLACK; MARGIN:0em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nEDMONTON, AB, March 26, 2026 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has completed the sale of Kia of Lincolnwood, in Lincolnwood, Illinois. This dealership is part of the U.S. dealerships reclassified as discontinued operations at year-end 2024.In the 12-months ended December 31, 2025, Kia of Lincolnwood generated sales of approximately $53.0 million (2024 - $58.0 million) and incurred a net loss of $1.6 million (2024 – net loss of $2.0 million).AutoCanada received approximately $13.4 million in cash on the sale, comprised of $7.1 million for goodwill and fixed assets, excluding inventory and net working capital, and $6.3 million for real estate. Net proceeds will be directed towards reducing the outstanding balance of the Company's revolving credit facility.The disposition of Kia of Lincolnwood represents continued progress in the Company's previously announced plan to exit its U.S. Operations segment and strengthen its balance sheet. Since the reclassification of the U.S. segment as discontinued operations at the end of 2024, the Company has generated total gross proceeds net of working capital of approximately $62.4 million from U.S. asset sales and continues to expect total gross proceeds at the high end of its previously communicated range of $115 million to $130 million. The U.S. dealerships had a net loss from discontinued operations of $103.4 million in 2024.In connection with this process, AutoCanada has received consent from its lending syndic...