AUTOCANADA ANNOUNCES AGREEMENTS TO DIVEST 13 U.S. DEALERSHIPS
The dealerships being sold across multiple purchasers include:
Autohaus of Peoria (consisting of Audi, Mercedes-Benz, Porsche, and Volkswagen dealerships)
Bloomington Automall (consisting of Audi, Lincoln, Mercedes-Benz, Subaru, and Volkswagen dealerships)
Chevrolet of Palatine
Crystal Lake Chrysler Dodge Jeep Ram
Hyundai of Palatine
North City Honda
The transactions are subject to customary closing conditions, including OEM approvals, and are anticipated to close in the second half of 2025.
As previously disclosed, the Company classified its U.S. Operations segment as a discontinued operation in its financial statements for the year ended December 31, 2024. AutoCanada remains actively engaged in the divestiture of its remaining four U.S. dealerships, consisting of Hyundai of Lincolnwood, Kia of Lincolnwood, Toyota of Lincoln Park, and Toyota of Lincolnwood.
All dollar amounts in this press release are in Canadian dollars.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements and information (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those identified in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe" and similar expressions) are not historical facts and are forward looking. Forward-looking statements in this press release include: the expected aggregate proceeds from the disposition transactions, the completion and the anticipated timing of completion of the disposition transactions and engagement in selling the remaining dealerships of the U.S. Operations segment.
Forward-looking statements provide information about management's expectations and plans for the future and may not be appropriate for other purposes. Forward looking statements are based on various assumptions, and expectations that AutoCanada believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to AutoCanada. AutoCanada cautions that the assumptions used to prepare such forward-looking statements could prove to be incorrect or inaccurate.
AutoCanada cautions that the foregoing forward-looking statements are subject to assumptions, risks and uncertainties and our ability to mitigate and address those risks and uncertainties. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website at www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking statements contained in this press release speak only as of the date hereof and AutoCanada assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
About AutoCanada
AutoCanada's continuing operations consist of 64 franchised dealerships in Canada, comprised of 23 brands in eight provinces, as well as 29 collision centres. AutoCanada's franchised dealerships currently sell 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 branded vehicles. In 2024, our Canadian dealerships sold approximately 85,000 new and used retail vehicles. In addition, our collision centres offer an opportunity for the Company to retain customers at every touchpoint within the automotive ecosystem.
AutoCanada's U.S. Operations segment, operating as Leader Automotive Group, operates 17 franchised dealerships comprised of 15 brands, in Illinois, USA. Leader currently sells Audi, Chevrolet, Chrysler, Dodge, Honda, Hyundai, Jeep, Kia, Lincoln, Mercedes-Benz, Porsche, Ram, Subaru, Toyota, and Volkswagen branded vehicles. In 2024, our U.S. dealerships sold approximately 12,900 new and used retail vehicles.
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