AutoCanada Seeks Buyer for All 10 US Dealerships
AutoCanada Inc. is actively seeking a buyer for its 10 Illinois dealerships and hopes to close the deal by the end of 2025, according to Executive Chair Paul Anthony, who relayed the news in a conference call as reported by Automotive News Canada and other sources.
“We think that the desirability for these assets will be strong, and we’ve made a decision to move on from the U.S. market,” Anthony told analysts in AutoCanada’s Q4 earnings call.
ANC’s David Kennedy notes the 10-dealership group, which in December cost AutoCanada a multimillion-dollar penalty imposed by the Federal Trade Commission following a sweeping fraud investigation, has hindered its Edmonton, Alberta-based parent’s earnings.
“AutoCanada’s U.S. division booked a net loss of $45.5 million in the fourth quarter, including a $27.4-million settlement with the Federal Trade Commission, compared to a loss of $6.6 million in 2024,” Kennedy writes. “For the year, the company’s U.S. stores recorded a net loss of $103.4 million, compared to a loss of $14.2 million in 2023.”
