AutoCanada sells 3 B.C. dealerships for a total of $32.2 million

EDMONTON — AutoCanada Inc. says it has completed the sale of three dealerships in B.C. for total proceeds of about $32.2 million.

The group of dealerships includes the Island Chevrolet Buick GMC in Duncan, B.C., the Abbotsford Volkswagen and the Chilliwack Volkswagen.

The company said the dealerships operated outside of its core regional clusters, which limited opportunities for scale and efficiency.

Samuel Cochrane, AutoCanada CEO, says the transaction reflects its approach to capital allocation and that it will not tolerate assets that don’t meet its long-term return objectives.