AutoCanada Inc. has successfully sold off three dealerships in British Columbia, raking in a total of approximately $32.2 million in proceeds.
Among the trio of dealerships sold are Island Chevrolet Buick GMC in Duncan, Abbotsford Volkswagen, and Chilliwack Volkswagen.
The decision to part ways with these dealerships was driven by the fact that they were located outside of AutoCanada’s primary regional clusters, which limited their potential for growth and efficiency.
In a statement, AutoCanada CEO Samuel Cochrane emphasized that this strategic transaction aligns with the company’s commitment to optimizing capital allocation and maintaining assets that align with its long-term financial goals.
This move follows the recent sale of an Illinois dealership in June, marking a planned exit from the U.S. market for AutoCanada.
With a network of 61 dealerships spanning eight provinces in Canada and operations in the United States, AutoCanada continues to navigate its strategic business landscape.