Once of Canada's largest dealer groups is set on growing bigger.
AutoCanada announced this week it had adjusted its forecast and would seek to purchase an additional eight to 10 dealerships this year.
“The deal pipeline continues to be strong and for that reason management is confident that it shall be able to add eight to 10 dealerships over the coming 12 months,” said AutoCanada CEO Pat Priestner.
Priestner added that these hoped-for acquisitions are in addition to the three dealership deals closed in March and April and the agreements for eight more, including Canbec BMW/Mont Royal MINI.
The group currently operates 34 franchised dealerships in seven provinces with over 1,600 employees. It currently sells Chrysler, Dodge, Jeep, Ram, Fiat, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, and VW-branded vehicles.
AutoCanada said that in 2013, its stores sold about 36,000 vehicles and processed roughly 364,000 service and collision repair orders in its 381 service bays.