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AutoCanada Inc. Announces the Acquisition of 417 Nissan and 417 Infiniti
AutoCanada Inc. Announces the Acquisition of 417 Nissan and 417 Infiniti AutoCanad...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Inc. Announces the Acquisition of 417 Nissan and 417 Infiniti\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\nAutoCanada Inc. Announces the Acquisition of 417 Nissan and 417 Infiniti\nCanada NewsWire\nEDMONTON, Nov. 16, 2015\n\n\n\nEDMONTON, Nov. 16, 2015 /CNW/ - AutoCanada Inc. (\"AutoCanada\") (TSX: ACQ) announced today that it has entered into an agreement to purchase the operating assets of 417 Infiniti Nissan Limited, which owns and operates two dealerships, 417 Nissan and 417 Infiniti in Ottawa, Ontario (collectively, the \"Dealerships\"). The transaction is subject to customary closing conditions and approvals and is expected to close within 60 days.\n\nMr. Jean Malouin, AutoCanada's partner in Hunt Club Nissan (Ottawa) and Barrhaven Nissan Open Point, will oversee the operations of the Dealerships as dealer principal with a 10% ownership interest.  The Dealerships currently operate out of a shared 28,000 square foot leased facility with a 14 car showroom and 15 service bays. In 2014, the Dealerships retailed 727 new vehicles and 180 used vehicles.  417 Infiniti will be relocated to a standalone leased facility adjacent to 417 Nissan which will be renovated in accordance with Infiniti Retail Environment Design Initiative (IREDI) standards.  The relocation is expected to occur by the end of 2016.\n\n\"We are very pleased to welcome the 417 Nissan and 417 Infiniti family into our new Ottawa platform and look forward to building upon their successes together with Mr. Malouin and Nissan Canada. Ottawa is an extremely attractive market and we are fortunate to partner with a dealer principal who has shown exceptional results in the region with Hunt Club Nissan. We would like to acknowledge the efforts of Nissan Canada in making this transaction possible,\" stated Tom Orysiuk, President and CEO of AutoCanada.   \n\nAbout AutoCanada Inc.\n\nAutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 52 franchised dealerships, comprised of 60 franchises, in eight provinces...