Payment Performances: AutoCanada announces fourth quarter financial results for 2024; reports net losses for the period

Toronto, Ontario – AutoCanada has now announced its fourth quarter results for 2024, highlighting net losses from total operations of 15.8 million from the previous year.

When looking at the financial report, other highlights featured include:

• Revenue from continuing operations was $1,261.9 million as compared to $1,277.8 million in the prior year, a decrease of $15.9 million
• Net income (loss) from continuing operations was $7.1 million as compared to a net loss of $16.0 million in the prior year
• Net loss from discontinued operations was $45.5 million as compared to a loss of $6.6 million in the prior year.
• Adjusted EBITDA from continuing operations was $54.1 million as compared to $47.9 million in the prior year.

“In Q4 2024, lower interest rates and OEM incentives drove strong new light vehicle demand in Canada, particularly in October and November, contributing to a 12.8 percent year-over-year increase in Adjusted EBITDA from our Canadian operations,” said Paul Antony, executive chairman in the release.”

“A major milestone was the completion of our Strategic Review, which resulted in the sale of three non-core Stellantis dealerships for $59.5 million, the closure of all RightRide locations, eliminating an $11 million annual Adjusted EBITDA loss, and the decision to divest our U.S. business, which recorded a $24.2 million Adjusted EBITDA loss in 2024 and is now classified as a Discontinued Operation while we seek buyers,” Antony continued. “With this review behind us, we are now fully focused on executing our Operational Transformation Plan.”

For more information or to read the full report, click here.