AutoCanada Inc. Announces Investment in a Second GM Dealership in Sherwood Park

 AutoCanada Inc. Announces Investment in a Second GM Dealership in Sherwood Park  EDMONTON, June 2, 2012 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company")  (TSX: ACQ) announced today that it has purchased a 31% non-voting equity  interest in Petersen GMC Buick ("Petersen"), a dealership located in Sherwood  Park, Alberta. Petersen has been servicing the Sherwood Park and Greater  Edmonton area for over twenty-eight years and in 2011 sold 707 new vehicles  and 604 used vehicles.  In accordance with the terms of GM Canada's approval, AutoCanada shall make  its investment through a holding company together with Pat Priestner, Chief  Executive Officer of AutoCanada, and other senior managers, with Mr. Priestner  having 100% of the voting shares of the holding company and Mr. Priestner  named as Dealer Operator of Petersen. The holding company shall have a 51%  voting interest in Petersen, with Blaine and Todd Nicholson purchasing the  remaining 49% voting interest. The transaction was reviewed and approved by  AutoCanada's independent Board of Directors.  "We are pleased to add a Buick GMC dealership to our portfolio," stated Pat  Priestner. "Petersen has been a long-standing dealership in the Sherwood  Park area and is highly regarded for its outstanding customer service and  commitment to the community, and we are honoured to have the opportunity to  continue this tradition."  "As stated in our press release of May 1, 2012, in respect to any future GM  dealership acquisitions outside of Sherwood Park, we will seek to acquire a  100% ownership interest, in which AutoCanada would purchase an 80% non-voting  equity interest, with myself and other senior managers purchasing a 20% equity  interest; and I will have 100% voting control and be named Dealer Operator, in  accordance with GM Canada requirements," Pat Priestner stated.  About AutoCanada  AutoCanada is one of Canada's largest multi-location automobile dealership  groups, currently operating 25 franchised dealerships in six provinces and has  over 1,100 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram,  FIAT, Chevrolet, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, and Volkswagen  branded vehicles. In 2011, our dealerships sold approximately 28,000  vehicles and processed approximately 300,000service and collision repair  orders in our 333 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 (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",  "expect", "plan", "seek", "may", "intend", "likely", "will", "believe" and  similar expressions 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 document.  The Company's Annual Information Form and other documents filed with  securities regulatory authorities (accessible through the SEDAR website  www.sedar.com describe the risks, material assumptions and other factors that  could influence actual results and which are incorporated herein by reference.  Further, any forward-looking statement speaks only as of the date on which  such statement is made, and, except as required by applicable law, we  undertake no obligation to update any forward-looking statement to reflect  events or circumstances after the date on which such statement is made or to  reflect the occurrence of unanticipated events. New factors emerge from time  to time, and it is not possible for management to predict all of such factors  and to assess in advance the impact of each such factor on our business or the  extent to which any factor, or combination of factors, may cause actual  results to differ materially from those contained in any forward-looking  statement.  Jeff Christie, CA Vice-President, Finance  Phone: (780) 732-7164  Email:jchristie@autocan.ca  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/June2012/02/c4779.html  CO: AutoCanada Inc. ST: Alberta NI: AUT RET  
Press spacebar to pause and continue. Press esc to stop.