AutoCanada Inc. Announces the Sale of Newmarket Infiniti Nissan

About this update from Autocanada Inc.

[{"type":"text","content":"\n\n\n\nAutoCanada Inc. Announces the Sale of Newmarket Infiniti Nissan\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 Sale of Newmarket Infiniti Nissan\nCanada NewsWire\nEDMONTON, Feb. 23, 2016\n\n\n\nEDMONTON, Feb. 23, 2016 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ) announced today that it has reached an agreement to sell the operating assets of Newmarket Infiniti Nissan in Newmarket, Ontario (collectively, the \"Dealership\") along with the real estate on which the Dealership is located. The sale is expected to close this week and net proceeds will be used reduce indebtedness under the Company's revolving credit facility by approximately $11,500,000.  Additionally, the Company will proceed to sell excess lands previously acquired to facilitate construction of a separate facility for Newmarket Infiniti.\n\n\"As part of our regular evaluation of dealership performance, an unsolicited opportunity was presented to Management. Following a thorough review, management concluded that the dealership sale proceeds, when combined with the additional benefit of reducing the Company's obligation to build a separate facility for Newmarket Infiniti, made the transaction the right thing to do from a long term shareholder return perspective,\" said Thomas Orysiuk, President and Chief Executive Officer.\n\nAbout AutoCanada Inc.\n\nAutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 54 franchised dealerships, comprised of 62 franchises, in eight provinces and has over 3,600 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW and MINI branded vehicles. In 2014, our dealerships sold approximately 57,000 vehicles and processed approximately 786,000 service and collision repair orders in our 822 service bays during that time.\n\nAutoCanada est l'un des plus importants groupes de concessions automobiles à établissements multiples du Canada...

More updates from Autocanada Inc.