EDMONTON – AutoCanada Inc. announced Nov. 5 that it has obtained approval from BMW Canada to buy an 85 per cent interest in the assets (including land and building) of Auto Boulevard St. Martin Inc. which owns and operates BMW Laval and MINI Laval, two dealerships located in Laval, Que.
The dealerships currently operate from a 134,566 square-foot facility which includes a 50-car BMW showroom, a 15- car MINI showroom, a 48-bay BMW service centre, a 14-bay MINI service centre and a 16-bay bodyshop.
AutoCanada says In 2013, the franchises retailed a combined 2,208 new vehicles (including 1,661 new BMWs) and 680 used vehicles (including 554 BMWs).
The expected closing date for the transaction is Nov. 27.
As part of the transaction, AutoCanada says it will be entering into an agreement with Carmine D'Argenio, the current majority owner of Auto Boulevard, whereby D'Argenio will retain the remaining ownership interest in the two Laval dealerships as well as acquire a 15 per cent ownership interest in BMW Canbec and MINI Mont Royal from AutoCanada as part of the transaction.
D'Argenio will oversee operations of these dealerships.
AutoCanada CEO Patrick Priestner said “We are extremely fortunate to be partnering with Mr. Carmine D'Argenio, whose knowledge and experience with the prestigious and premium BMW and MINI brands in Canada is of the first order, and will be of great benefit to our BMW and Mini dealership operations and our current strong Canbec BMW dealership management team led by Mr. Charles Dubé.
“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 providing our BMW and MINI customers with the customer service experience that these two legendary brands demand.”