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AutoCanada Acquires North Toronto Auction

10/04/2022 | 05:27pm
(MT Newswires) -- AutoCanada Inc. (ACQ.TO), a multi-location North American automobile dealership group, on Tuesday said it has acquired North Toronto Auction, a fee-based used vehicle auction business located in Innisfil, Ontario.

North Toronto Auction's operations provide an in-house, in-person and online auction solution, which may be utilized to facilitate vehicle sales for both AutoCanada's used and franchise dealerships, the company said in a statement.

North Toronto Auction generates in excess of $4.5 million in annual revenue and will operate within the Used Digital Retail Division. AutoCanada said it will fund the transaction from a drawdown of its credit facility, with the acquisition expected to be accretive to 2022 earnings. The company did not disclose any other financial details of the transaction.

"We're excited to add NTA's high-quality auction operations and proprietary digital auction software to the Used Digital Retail Division as it has the potential to facilitate wholesale vehicle transactions at scale, both internally, across AutoCanada dealerships, and externally to other dealers," said AutoCanada Executive Chairman Paul Antony.

MT Newswires 2022
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