EDMONTON, AB, March 26,
2024 /CNW/ - AutoCanada Inc. ("AutoCanada" or
the "Company") (TSX: ACQ), a multi-location North American
automobile dealership group, announced today that in connection
with its previously announced normal course issuer bid ("NCIB") to
purchase up to 1,329,106 common shares, AutoCanada has entered into
an automatic share purchase plan ("ASPP") with its designated
broker. The ASPP has been pre-cleared by the TSX and will terminate
on March 10, 2025, unless earlier
terminated in accordance with its terms.
The ASPP is intended to allow for purchases of its common shares
during certain pre-determined black-out periods, subject to certain
parameters as to price and number of shares. Outside of these
pre-determined black-out periods, shares will be repurchased in
accordance with management's discretion, subject to applicable
law.
AutoCanada's NCIB commenced on March 11,
2024 and will continue until March
10, 2025, when the bid expires, or such earlier date as the
Corporation completes its purchases pursuant to the notice of
intention filed with the TSX. All purchases of common shares made
under the ASPP will be included in determining the number of common
shares purchased under the NCIB. Any common shares purchased by the
Corporation pursuant to the NCIB will be cancelled.
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 84 franchised dealerships,
comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells
Acura, Alfa Romeo, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge,
FIAT, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Lincoln, Mazda, Mercedes-Benz, MINI, Nissan,
Porsche, Ram, Subaru, Toyota, Volkswagen, and Volvo branded
vehicles. In addition, AutoCanada's Canadian Operations segment
currently operates 3 used vehicle dealerships and 1 used vehicle
auction business supporting the Used Digital Retail Division, 13
RightRide division locations, and 11 stand-alone collision centres
within our group of 27 collision centres. In 2023, the Company
generated revenue in excess of $6
billion and our dealerships sold over 100,000 retail
vehicles.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedarplus.ca.
SOURCE AutoCanada Inc.