AutoCanada Inc. Announces OEM Approval for Purchase of St. James Audi and St.
EDMONTON, March 28, 2013
EDMONTON, March 28, 2013 /PRNewswire/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ) announced today that it has obtained approval from Audi
Canada and Volkswagen Canada to purchase the shares of The St. James Group of
Companies ("St. James"), which own and operate two premium brand franchises,
Audi and Volkswagen, located in Winnipeg, Manitoba. Each of the two
franchises are equipped with a six car showroom and are located adjacent to
each other on a property owned by St. James. The two franchises share a
collision center and service department consisting of 27 service bays. In
2012, the franchises retailed a combined 642 new vehicles and 252 used
vehicles. The expected closing date for the transaction is April 1, 2013.
"The approval from Audi Canada represents the addition of a new and storied
brand to our portfolio, and we are most pleased with this development. We
would also like to thank Volkswagen Canada for their continued support by
approving the purchase of the Volkswagen franchise, a brand with which we have
developed a strong partnership over the past three years and which we consider
a key partner." stated Pat Priestner, Chief Executive Officer of AutoCanada.
"St. James has developed a strong reputation throughout its forty year history
in Winnipeg. We would like to thank the current owners, Russ, Rick and
Melanie for selecting our group for succession. The St. James Group is well
respected in the industry and in 2011 was awarded the prestigious VW Wolfsberg
Crest Club Award for overall excellence in sales, service, and customer
service; an award that the current management team should be very proud of and
something we will continue to strive to achieve." stated Mr. Priestner.
AutoCanada is one of Canada's largest multi-location automobile dealership
groups, currently operating 28 franchised dealerships in six provinces and has
over 1,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram,
FIAT, Chevrolet, GMC, Buick, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi,
and Volkswagen branded vehicles. In 2012, our dealerships sold approximately
30,000 vehicles and processed approximately 309,000service 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.
SOURCE AutoCanada Inc.
Jeff Christie, CA
Phone: (780) 732-7164
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