EDMONTON, AB, Dec. 19,
2024 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX:ACQ), a multi-location North American automobile
dealership group, announced today that it has reached an agreement
with the United States Federal Trade Commission (the "FTC") to
resolve the FTC's civil investigation into certain business
practices at AutoCanada's dealerships in Illinois.
As part of the resolution, the Company will pay US$20 million to the FTC and the State of Illinois in monetary relief, with no
civil penalties. The agreement contains no admission of
wrongdoing by the Company, brings the FTC's investigation to a
close, and puts this matter behind the Company.
About AutoCanada
AutoCanada is a leading North
American multi-location automobile dealership group currently
operating 82 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 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.
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 identified 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", "plan",
"seek", "may", "intend", "likely", "will", "believe" and similar
expressions) are not historical facts and are forward looking.
AutoCanada cautions that the foregoing forward-looking
statements are subject to assumptions, risks and uncertainties and
our ability to mitigate and address those risks and uncertainties.
The Company's Annual Information Form and other documents filed
with securities regulatory authorities (accessible through the
SEDAR website at www.sedarplus.ca) describe the risks, material
assumptions and other factors that could influence actual results
and which are incorporated herein by reference. The forward-looking
statements contained in this press release speak only as of the
date hereof and AutoCanada assumes no obligation to publicly update
or revise them to reflect new events or circumstances, except as
may be required pursuant to applicable securities laws.
SOURCE AutoCanada Inc.