Toronto, Ontario — The focus is on Alberta-based companies in this weekly Tuesday Ticker, as AutoCanada delivers 32 percent revenue growth while Calgary, Alta.-based Foundation Automotive adds a new brand—and new territory—to its portfolio.
AutoCanada’s quarterly update
Edmonton-based AutoCanada announced its Q2 2022 results on Monday, reporting revenue of approximately $1.7 billion and growth of 32 percent over the same period last year.
The company, which operates dealerships and collision centres, also reported a net income of approximately $39.1 million, versus $37.7 million in 2021, and said it marked same-store total retail unit sales growth of 0.6 percent, compared to 40.5 percent in 2021.
It also said it has “established a significant acquisition pipeline,” acquiring Porsche of London, Audi Windsor and Burwell Auto Body during the second quarter.
Building a Foundation
Expanding Canadian retailer Foundation Automotive expanded into a new state last week, adding a string of dealerships in Tennessee to its portfolio.
Alberta-based Foundation Automotive acquired Jones Buick GMC, Jones Chrysler-Dodge-Jeep-Ram and Jones Nissan in Savannah, Tenn., just east of Memphis and north of the Mississippi and Alabama borders.
Foundation is continuing on a path of acquisitions this year; it purchased two stores and sold one location in 2021, and has made its mark in Texas thus far in 2022, acquiring five franchised dealerships, a used vehicle dealership, two RV dealerships and a Stellantis dealership south of Houston.
The company, which also operates its U.S. headquarters in Houston, also touts locations in Colorado and North Dakota. It has three locations in Canada.