AutoCanada Inc. acquires Velocity Autobody in Markham, Ont.
by CM Staff
Velocity Autobody has been providing service for years and operates out of a 12,000 square foot facility with more than 25 production bays.
EDMONTON — AutoCanada Inc., a multi-location North American automobile dealership group, announced that it has acquired Velocity Autobody, a Tesla certified, I-CAR Gold Class collision centre located in Markham, Ontario.
“The addition of this well-managed business marks the seventh collision centre acquisition since Q4 2020 and continues our strategy to expand our national collision centre footprint,” said Executive Chairman, Paul Antony. “We remain focused on supporting our customers and OEM partners through the entire vehicle ownership lifecycle. We continue to believe that increasing vehicle complexity puts a further emphasis on fixing vehicles the right way – using parts and procedures prescribed by the OEM.”
Velocity Autobody has been providing service for years and operates out of a 12,000 square foot facility with more than 25 production bays. The current management team will continue to operate the business going forward. The acquisition represents a continuation of the Company’s goal to further expand and develop its national collision centre network.
The acquired dealership generates in excess of $3.5 million in annual revenue. The transaction will be funded from a drawdown of the Company’s credit facility and is expected to be accretive to 2022 earnings.
