James Ricci, CEO of Foss Group of Companies
What began as a single General Motors dealership in Toronto more than six decades ago has evolved into a diversified automotive business. Now, the company is bringing its four divisions together under a new corporate identity.
The former Foss Automotive Group has announced the launch of Foss Group of Companies, uniting its automotive retail, fleet management, mobility investment and real estate operations under one umbrella.
James Ricci, formerly President of Foss Automotive Group and now CEO of Foss Group of Companies, told Canadian auto dealer the move has been years in the making. The new structure was formalized in May and publicly announced in October.
“We think now is a very interesting time to think creatively and holistically about how we can invest in the future of where the business is going,” said Ricci.
The company traces its roots to 1962, when Ricci’s grandfather, Roy Foss, opened a General Motors dealership in North Toronto. His daughter, Karen Foss, subsequently led the business, with Ricci representing the third generation of family leadership.
Today, the company operates three dealerships in the Greater Toronto Area, including Canada’s highest-volume Cadillac dealership. Foss National Leasing, meanwhile, is Canada’s largest independently owned fleet management company, managing more than 50,000 vehicles across the country.
The other two divisions are Foss Ventures, which invests in emerging fleet and mobility technologies, and Foss Real Estate, which manages the company’s real estate holdings, property management and development activities. Ricci said bringing the businesses together under one corporate identity creates opportunities that might not be as apparent when each operates independently.
“When we introduced Foss Group of Companies as the umbrella organization, the real a-ha moment for us is that we’re thinking about things across the full vehicle life cycle,” said Ricci.
“We can participate through the depth of our retail relationships in the Roy Foss side, the scope and national scale of Foss National Leasing and obviously the investments we can make through Foss Ventures. That’s really the exciting part of the announcement.”
Although each division will continue to operate independently, Ricci sees opportunities to draw on the collective resources, relationships and expertise of the larger organization.
“We grew from one dealership and we’re a very different business than we were six decades ago,” said Ricci. “Each of the business units act independently, but we’re connected because of what we can unlock.”
Ricci acknowledged that Foss is neither Canada’s largest dealership group nor its largest fleet management company. However, he believes the combination of its businesses provides a distinctive position in the Canadian mobility sector.
“The scope and scale that we have is really four different business units that allows us to compete in a unique way,” said Ricci.
The announcement comes as Canada’s automotive industry faces considerable uncertainty, including ongoing trade tensions, changing supply chains, the transition to electric vehicles and new mobility technologies. For Ricci, those challenges also present opportunities for companies prepared to adapt.
“If you look at the history of various ways of change, it’s moments of fear that present the greatest opportunity,” said Ricci.
He said the company’s longevity and reputation provide a foundation for navigating another period of industry transformation.
“We believe increasingly when people are feeling uncertainty they are going to turn to names they can trust,” said Ricci. “We believe the Foss name is something people can count on, and that’s what we’re building this whole strategy around.”
Looking ahead, Ricci said the company intends to expand its dealership network and national fleet operations while continuing to invest in emerging businesses and technologies involved in moving people and goods.
The company will celebrate its 65th anniversary in 2027.
For more information, visit fossgroup.com.
