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Tuesday Ticker: July 5, 2022

Toronto, Ontario ⁠— It’s Tuesday⁠—let’s talk business! In this week’s Tuesday Ticker, General Motors sits poised to reclaim its role as leader of new vehicle sales in the U.S.; Lift adds five new facilities in the B.C. interior and AutoCanada preps for a buyback via a “modified Dutch auction.”

The General takes the Crown

General Motors has regained its sales crown in the U.S. new-vehicle market; according to predictions from Cox Automotive, the automaker is predicted to be the top new vehicle seller for Q2 2022⁠.

From 1931 through 2021, GM was the leader in U.S. new vehicle sales, but the automaker lost out to Toyota in last year’s sales counts.

Even with the marked sales gains, GM reported a 15.4 percent drop in Q2 2022 auto sales, citing the global chip shortage and supply chain disruptions that reportedly left more than 100,000 vehicles waiting for parts.

GM said it sold 582,401 vehicles in Q2 2022; the OEM sold 688,236 in the same period of 2021. 

Cox Automotive still predicts GM to be the top new vehicle seller in Q2 2022 as similar disruptions plague other automakers.

Need a Lift?

Lift Auto Group announced its purchase of five Boyd Autobody and Glass locations in the Thompson Okanagan, B.C. area last week; two in Kelowna, one in West Kelowna, one in Penticton and another in Merritt. 

The new locations will operate as part of the CSN Collision Centres network.

Bring on the Buyback

On June 28, AutoCanada announced its intent to purchase up to $100 million in shares from its shareholders via a ‘modified Dutch auction,’ with shares for sale between $22 and $25 per share.

The company advises shareholders to obtain up-to-date quotes for market prices of the shares, prior to tendering an offer.

“The Board of Directors of the Company believes that the Offer is a prudent use of the Company’s financial resources given the Company’s business profile and assets, the current market price of the Shares and the Company’s ongoing cash requirements,” said a press release intended for investors.

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