AutoPoint Group acquired by AutoCanada
AutoCanada Inc. acquires AutoPoint Group Inc. and its 11 Southwestern Ontario dealerships, including four in London
Photo: The London Honda dealership at 560 Wharncliffe Road South
AUTOCANADA INC., A multi-location North American automobile dealership group based in Edmonton, announced Wednesday that it has completed the acquisition of London-based AutoPoint Group Inc. and its 11 dealerships in Southwestern Ontario.
The acquired dealerships include London Honda, London Kia, South London Nissan and London Infiniti.
The additional involved dealerships are Guelph Kia, Brantford Honda, Waterloo Honda, Acura of Hamilton, Subaru of Hamilton, Hamilton Kia and Plaza Nissan (Hamilton).
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Combined, the dealerships generate annual revenue of over $345 million, selling and servicing Honda, Acura, Nissan, Infiniti, Subaru and Kia vehicles.
“The acquisition adds significant size, scale and scope to AutoCanada’s existing platform in a growing market,” said Paul Antony, AutoCanada’s executive chairman, in a company statement. “We are very honoured to be able to partner with Honda and Acura for the first time, to represent Kia again, and to expand our existing partnerships with Nissan, Infiniti and Subaru. Last but not least, we are very excited to welcome the high-quality AutoPoint team to the AutoCanada family.”
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“We are incredibly excited to join the AutoCanada family and continue to deliver top-tier performance to our OEM partners,” said the leadership team of AutoPoint in the statement. “All of our team members are staying with us through this transaction and will have even more opportunities to grow alongside AutoCanada.”
AutoCanada operates 78 franchised dealerships, comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois. Additionally, the company’s Canadian operations operates two used vehicle dealership supporting the Used Digital Retail Division, and four stand-alone collision centres.
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In 2020, AutoCanada dealerships sold approximately 66,000 vehicles and processed over 756,000 service and collision repair orders generating revenue in excess of $3 billion.
The acquisition prices was not disclosed. According to AutoCanada, the transaction will be funded from a drawdown of the company’s credit facility and is expected to be accretive to 2022 earnings. 