AutoCanada Inc. is continuing on its buying spree in western Canada.
The large auto retail group, which currently operates 50 franchised dealerships, has agreed to purchase the Grove Dodge Chrysler Jeep Ram.
The Spruce Grove, Alta.-based dealership is owned and operated by Terry Martens and Josh Davis. AutoCanada says Davis will remain with the dealership and will keep a 10 per cent ownership interest.
Grove Dodge operates a 34,000 sq.ft. leased facility, which includes an eight car showroom, 13 service bays, three detail bays and one alignment bay.
In 2014, the dealership retailed 809 new vehicles and 407 used ones.
“Although currently challenged, the Alberta market has been a long standing above average performer in retail automotive and we expect this market to continue to perform. We consider Grove Dodge to provide the Company an opportunity to further develop long-term shareholder value through the acquisition of a great dealership at a time when it became available,” said Tom Orysiuk, President and CEO of AutoCanada.
The transaction is subject to normal closing conditions and is expected to close within 30 days.
