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AUTOCANADA FURTHER EXPANDS INTO SOUTHERN ONTARIO WITH ACQUISITION OF STERLING HONDA
AUTOCANADA FURTHER EXPANDS INTO SOUTHERN ONTARIO WITH ACQUISITION OF STERLING HONDA Can...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA FURTHER EXPANDS INTO SOUTHERN ONTARIO WITH ACQUISITION OF STERLING HONDA\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 EDMONTON, AB\n \n \n ,\n \n \n Dec. 1, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has acquired\n \n Sterling Honda\n \n located in\n \n Hamilton, Ontario\n \n .\n \n \n \n \n \n \n \n \n \n \"We're excited about the addition of this high-quality dealership, expanding AutoCanada's footprint in the attractive\n \n Hamilton\n \n market while adding brand diversity within our overall portfolio,\" said Executive Chairman,\n \n Paul Antony\n \n . \"Notably, the acquisition expands our relationship with Honda, bringing a fourth Honda store into our dealership portfolio and represents our fifth dealership in\n \n Hamilton\n \n . The acquisition advances our continued strategy of diversifying our brand and geographic mix and will provide growth opportunities as we integrate it with our strong portfolio of dealerships.\"\n \n \n \n Sterling Honda\n \n is a well-established business in the\n \n Hamilton\n \n community, operating out of a recently re-imaged 27,000 square foot facility with 16 mechanical bays and has a track record of delivering top-tier customer satisfaction. Apart from continuing to strengthen the dealership's performance, the acquisition unlocks additional growth opportunities, including the potential to expand the dealership's used to new retail units ratio and drive F&I growth.\n \n \n \n Financial Highlights\n \n \n \n The acquired dealership generates in excess of\n \n $65 million\n \n in annual revenue. The transaction will be funded from a drawdown of the Company's credit facility and is expected to be accretive to 2022 earnings.\n \n \n \n About 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...