AUTOCANADA ENTERS INTO AUTOMATIC SHARE PURCHASE PLAN
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.
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.
Azim Lalani, Chief Financial Officer, Phone: 780.732.3157, Email:[email protected]
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