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Mar 22, 2018

AutoCanada expands into U.S. as it acquires Grossinger Auto Group

AutoCanada CEO: 5-year terms are too long for auto loans

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EDMONTON — AutoCanada Inc. (ACQ.TO) has signed an agreement to expand into the United States for the first time with the acquisition of the Grossinger Auto Group for $110 million.

The deal includes eight dealerships in the Chicago area plus six luxury and premium brands in an auto mall in Bloomington-Normal, Ill.

AutoCanada says the U.S. market provides it with highly attractive growth opportunities.

The company says a majority of the acquired dealerships will continue to operate under the Grossinger name and local store leadership.

The dealerships to be acquired sold 7,626 new vehicles and 7,304 used vehicles last year.

The deal is subject to customary conditions and is expected to close in the second quarter of this year.