Driving the news: AutoCanada has agreed to sell 13 of its U.S. dealerships for $82.7 million, marking a major retreat from the American market after years of struggling to turn a profit.
For context: The sale includes luxury operations like Autohaus of Peoria (Audi, Mercedes-Benz, Porsche, Volkswagen) and Bloomington Automall, plus several other Illinois franchises across multiple brands to a handful of unnamed buyers.
Why it matters: Executive chairman Paul Antony had already signaled in March that the company was looking to exit its U.S. operations entirely. And he openly questioned whether the Edmonton-based company has "the competency or the patience" to succeed in the U.S. market after posting a $24.2 million adjusted EBITDA loss last year.
What we're watching: These deals are expected to close in the second half of 2025, pending manufacturer approvals.
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