Small Business
AUTOCANADA COMPLETES SALE OF THREE BRITISH COLUMBIA DEALERSHIPS
AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a leading Canadian multi-location automobile dealership and collision repair group, today announced that it has completed the sale of Island Chevrolet Buick GMC in Duncan, BC, Abbotsford Volkswagen in Abbotsford, BC, and Chilliwack Volkswagen in Chilliwack, BC.
About this update from Autocanada Inc.
Transaction unlocks value, reduces debt and provides opportunity to reallocate capital toward higher-return opportunities. Transaction Highlights EDMONTON, AB, July 15, 2026 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a leading Canadian multi-location automobile dealership and collision repair group, today announced that it has completed the sale of Island Chevrolet Buick GMC in Duncan, BC, Abbotsford Volkswagen in Abbotsford, BC, and Chilliwack Volkswagen in Chilliwack, BC. AutoCanada received gross proceeds of approximately $32.2 million, comprised of $28.8 million for goodwill and fixed assets, excluding inventory and net working capital, and $3.4 million for real estate. In the trailing twelve months ended Q1 2026, the three dealerships generated approximately $111 million in revenue and incurred a net loss of $1 million. The divested dealerships operated outside of AutoCanada's core regional operating clusters, limiting opportunities to realize operating scale and efficiency. As a result, the assets did not meet the Company's return thresholds and represented an opportunity to unlock capital for debt reduction and investment in high-return opportunities. "This transaction reflects our disciplined approach to capital allocation," said Samuel Cochrane, Chief Executive Officer of AutoCanada. "While we are committed to growing our dealership network across Canada, we will not tolerate assets that do not meet our long-term return objectives. Where we see a path to improved performance, we will act decisively to execute a turnaround. Where we do not, we will redeploy capital into opportunities that deliver stronger returns and greater value for our shareholders." About AutoCanada AutoCanada's Dealership Operations segment operates 61 franchised dealerships in Canada, comprised of 23 automotive brands across 8 provinces as well as three independent used dealerships ("Used Vehicle Operations"). AutoCanada currently sells Acura, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Mazda, Mercedes-Benz, MINI, Nissan, Porsche, Ram, Subaru, and Volkswagen vehicles. In 2025, our Canadian dealerships sold approximately 71,000 new and used retail vehicles. AutoCanada's U.S. franchise dealerships, operating as Leader Automotive Group ("Leader"), operate 9 franchised dealerships comprised of 6 brands in Illinois, USA. In 2025, our U.S. dealerships sold approximately 8,000 new and used retail vehicles. Leader is classified as discontinued operations as the Company progresses the sale of its U.S. dealership portfolio.