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AUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNERSHIP OF ITS USED DIGITAL DIVISION
AUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNE...
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[{"type":"text","content":"\n \n \n \n AUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNERSHIP OF ITS USED DIGITAL DIVISION\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; 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 AUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNERSHIP OF ITS USED DIGITAL DIVISION\n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Dec. 27, 2023\n \n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced the investment by iA Financial Group (\"iA\") of\n \n $25 million\n \n for a 10% equity interest in AutoCanada's business unit that will sell finance, insurance and warranty products to buyers of private owner-sold vehicles on Kijiji's online marketplaces (the \"Online C2C F&I Business\").  AutoCanada has also announced the purchase of the minority 19.1% interest (the \"UDLP Minority Interest\") in its Used Digital Division that is owned by AutoCanada UD LP (\"UDLP\") from\n \n Paul Antony\n \n , the Executive Chairman of the Company, and others for\n \n $23.9 million\n \n in cash, funded from the proceeds of the iA investment, and\n \n $7.5 million\n \n in share units issuable to\n \n Paul Antony\n \n .  The share units will be settled through the delivery of AutoCanada shares acquired in the market.  The former UDLP Minority Interest holders have agreed to use the after-tax cash proceeds to purchase AutoCanada shares in the market.\n \n \n \n \n \n \n \n \n \n \n \"This transaction increases the Company's ownership in the Used Digital Division, while also removing any possible conflicts with other business segments and aligning management with shareholders ahead of a material ramp i...