EDMONTON,
May 22, 2014 /PRNewswire/ -
AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ)
announced today that it has obtained approval from BMW Canada Inc.
("BMW Canada") to purchase the shares of Automobile Canbec Inc.
which owns and operates a BMW and a MINI dealership, located in
Montreal, Quebec. BMW Canbec
and MINI Mont Royal are two very well established premium
dealerships currently operating from a 120,000 square foot leased
facility which includes a 35 car showroom, a 35 bay service centre,
and a 30 bay body shop. In 2013, the franchises retailed a
combined 1,652 new vehicles and 713 used vehicles. The
expected closing date for the transaction is June 2, 2014.
"BMW Canada's approval represents a significant
milestone for our Company, adding two premium brands with
unparalleled heritages to the AutoCanada family. We would
like to thank BMW Canada and its employees for all of their hard
work and assistance with this transaction, and we look forward to
developing a long term, mutually rewarding partnership." stated
Pat Priestner, Chairman and CEO of
AutoCanada.
About AutoCanada
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 34 franchised dealerships in
seven provinces and has over 1,600 employees. AutoCanada currently
sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC,
Buick, Cadillac, Infiniti, Nissan,
Hyundai, Subaru, Mitsubishi, Audi, and Volkswagen branded vehicles.
In 2013, our dealerships sold approximately 36,000 vehicles and
processed approximately 364,000 service and collision repair orders
in our 381 service bays during that time.
Additional information about AutoCanada Inc. is
available at www.sedar.com and the Company's website at
www.autocan.ca.
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
projected in these forward-looking statements. Any statements
that express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance are
not historical facts and are forward-looking and may involve
estimates and assumptions and are subject to risks, uncertainties
and other factors some of which are beyond our control and
difficult to predict. Accordingly, these factors could cause
actual results or outcomes to differ materially from those
expressed in the forward-looking statements. Therefore, any
such forward-looking statements are qualified in their entirety by
reference to the factors discussed throughout this release and as
contained in the Company's Annual Information Form dated
March 20, 2014 which is accessible
through the SEDAR website at www.sedar.com.
SOURCE AutoCanada Inc.