AutoCanada (TSX:ACQ) extends and upsizes credit to $1.6B

• AutoCanada Inc. (ACQ) has signed an amended agreement to extend its credit facility to April 15^th, 2026, and increased it to a total of $1.6 billion
• The amended credit facility increased from $275 million to $375 million
• The amended facility also increased AutoCanada’s wholesale floorplan financing facility from $1.06 billion to $1.22 billion
• This included a $15 million wholesale leasing facility for total bank facilities of $1.6 billion
• AutoCanada Inc. (ACQ) is down 1.06 per cent, trading at $29.85 per share as of 11:34 a.m. EST

North American auto dealership group, AutoCanada Inc. (ACQ), has agreed to increase and extend its credit facility.

The amended credit facility increased from $275 million to $375 million. Back in December, the company exercised a $50 million accordion to increase the facility from $225 million to $275 million.

The amended facility also increased AutoCanada’s wholesale floorplan financing facility from $1.06 billion to $1.22 billion. This included a $15 million wholesale leasing facility for total bank facilities of $1.6 billion.

Paul Antony, Executive Chairman of AutoCanada, commented,

“These amendments to our credit facility provide additional flexibility allowing us to execute our growth strategies and maintain our balanced approach to capital allocation.”

AutoCanada is a multi-location automobile dealership group with 82 franchised dealerships made up of 28 brands. The dealerships carry Chrysler, Jeep, Chevrolet, GMC, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Acura, Honda, and many more branded vehicles.

Additionally, AutoCanada’s Canadian operations have three used vehicle dealerships and one used vehicle auction business. In 2021, its dealerships sold approximately 86,000 vehicles and processed over 800,000 service and collision repair orders which generated revenue worth over $4 billion.

AutoCanada Inc. (ACQ) is down 1.06 per cent, trading at $29.85 per share as of 11:34 a.m. EST.