AutoCanada Inc. announces an Equity Buyback for 1,329,106 shares, representing 5.63% of its issued share capital.
March 07, 2024 at 06:04 am EST
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AutoCanada Inc. (TSX:ACQ) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 1,329,106 common shares, representing 5.63% of its share capital. The repurchased shares will be cancelled.
The bid will be valid till March 10, 2025, or until such earlier time as the normal course issuer bid is completed or terminated at the option of the company. As at March 6, 2024, the company had 23,611,175 issued and outstanding common shares.
AutoCanada Inc. is a Canada-based multi-location franchised automobile dealership company. The Company offers a diversified range of automotive products and services, including new vehicles, used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, extended service contracts, vehicle protection products, after-market products and auction services. The Company also arranges financing and insurance for vehicles purchased by its customers through third-party finance and insurance sources. Its segments include Canadian Operations and U.S. Operations. It operates 83 franchised dealerships, comprising of 28 brands, in eight provinces in Canada as well as a group in Illinois, United States of America. It sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Acura, and Honda brands.