Canada’s only publicly traded dealer group acquired a Guelph-based independent vehicle dealership to help it build a digital used retail business.
AutoCanada Inc. purchased Mark Wilson’s Better Used Cars earlier this week, increasing its use-vehicle inventory in the largest retail sector of the country.
In late 2020, the group bought Haldimand Motors, Cayuga (Ont.), about 40 km south of Hamilton.
The terms of these deals weren’t disclosed.
AutoCanada is headquartered in Edmonton and says that the purchase of the vehicles was part of the company’s “strategic goal of developing a digital used retail division in Canada’s pre-owned vehicle marketplace.”
Wilson’s is a family-owned business that has been around for over 60 years. It has more than 43,000 sq. feet of buildings spread across 16 acres in Guelph. There are 24 bays for customers and an entire department. The business will be managed by Mark Wilson, the principal dealer and his staff.
Paul Antony, Executive Chairman of AutoCanada, stated that Mark Wilson’s extensive used vehicle operation expands our Used Digital Retail Initiative. This strategy aims to address the significant opportunity in Canada with dedicated sales of used cars across all channels.In a statementThis is. This acquisition aligns well with our strategy for geographic diversification, as it expands the network of used dealers and increases our market exposure in Ontario.
Antony stated that the purchase gives AutoCanada “the opportunity to create a digital retailer with attractive unit economics, which should enable us to scale quickly without significant cash burn.”
AutoCanada has 66 franchised dealerships. These include 27 brands in Canada and one in Illinois.
Publited at Fri 13 August 2021, 14:11:16 (+0000).