AutoCanada acquires Grossinger in first US foray
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.”
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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.
