This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AutoCanada Inc. Announces OEM Approval For Purchase Of St. James Audi And St. James Volkswagen

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.

About AutoCanada

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 309,000 service 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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,699.44 +79.93 0.45%
S&P 500 2,071.89 +8.78 0.43%
NASDAQ 5,000.7560 +13.8890 0.28%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs