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AUTOCANADA COMPLETES SALE OF OKANAGAN CHRYSLER, STRENGTHENING PROFITABILITY AND REDUCING LEVERAGE
AUTOCANADA COMPLETES SALE OF OKANAGAN CHRYSLER, STRENGTHENING PROFITABILITY AND REDUCING LEVERAGE...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\n AUTOCANADA COMPLETES SALE OF OKANAGAN CHRYSLER, STRENGTHENING PROFITABILITY AND REDUCING LEVERAGE\n \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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n\n\n\n\n\n\n\n EDMONTON, AB\n \n\n ,\n \n\n Nov. 19, 2024\n \n\n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ) a leader in Canadian automotive retail, today announced the completion of the sale of Okanagan Chrysler, located in\n \n Kelowna, British Columbia\n \n , to Kot Auto Group. This strategic divestment supports AutoCanada's focus on enhancing profitability and lowering leverage.\n \n\n \"This sale is part of a series of strategic steps we are taking to position AutoCanada for future growth,\" said\n \n Paul Antony\n \n , Executive Chairman. \"By reallocating resources, we're able to sharpen our focus on core operations, reduce debt and strengthen profitability.\"\n \n\n\n Financial Highlights\n \n\n\n In the twelve months ending\n \n September 30, 2024\n \n , Okanagan Chrysler retailed 262 new and 437 used light vehicles, generating sales of\n \n $57.2 million\n \n . AutoCanada received\n \n $10.0 million\n \n in cash, excluding net working capital, with proceeds directed toward reducing the outstanding balance on the Company's revolving credit facility. This transaction is expected to be immediately accretive to Adjusted EBITDA margin.\n \n\n\n About\n \n\n AutoCanada\n \n\n\n AutoCanada is a leading North American multi-location automobile dealership group currently operating 82 franchised dealerships, comprised of 28 brands, in eight provinces in\n \n Canada\n \n as well as a group in\n \n Illinois, USA\n \n . AutoCanada currently sells Acura, Alfa Romeo, Audi, BMW,\n \n Buick\n \n , Cadillac, Chevrolet, Chrysler, Dodge, FIAT, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia,\n \n Lincoln\n \n , Mazda, Mercedes-Benz, MINI, Nissan, Porsche, Ram, Subaru, Toyota, Volkswagen, and Volvo branded vehicles. In addition, AutoCanada's Canadian Operations segment currently operates 3 used vehicle dealerships and 1 used vehicle auction business supporting the Used...