Leading Canadian vehicle dealership AutoCanada has acquired Illinois-based Grossinger Auto Group in a deal worth $86mn that marks the Edmonton-based firm’s first entrance into the US market.
“This is a pivotal move for AutoCanada as this US acquisition broadens our geographical reach and brand diversification through adding a combination of domestic, import and luxury dealerships to our portfolio,” said Steven Landry, President & CEO.
“Acquiring a cluster of dealerships in Chicago gives us a significant presence in a major urban market and follows our pattern of success in Canada.”
AutoCanada will assume responsibility for Grossinger’s entire portfolio, including its dealerships that represent 11 different manufacturers that saw the company accumulate annual revenues of $401mn (CAD$513mn) in 2017.
“We are looking forward to the franchises operating under the very successful AutoCanada team with much success and prosperity in the future,” said Caroline Grossinger, Co-President of the Grossinger Auto Group.
The majority of the dealerships will continue to operate under the Grossinger banner, whilst local store leadership will also remain unchanged.