Edmonton, Alberta – AutoCanada Income Fund has announced that Nissan Canada has approved AutoCanada’s purchase of Doner Nissan Infiniti in Newmarket, Ontario. The purchase approval also includes the terms of a framework agreement which, among other things, provides the basis upon which AutoCanada may seek Nissan Canada’s approval to add other Nissan and Infiniti dealerships.
AutoCanada has been indirectly participating in the earnings of Northland Nissan and Grande Prairie Nissan, both of which are owned by GPN Auto Limited. AutoCanada plans to request that both dealerships be transferred as well.
The Ontario dealership, which has been in operation since 1977, will continue under the Doner Infiniti Nissan name. The purchase closing is anticipated on April 1, 2008.
“We are very proud and pleased that Nissan Canada has offered us the opportunity to become part of the Infiniti and Nissan families,” said Pat Priestner, CEO of AutoCanada. “We have repeatedly said that an excellent relationship with our manufacturers is a cornerstone to successful dealership operations, and are very pleased that Nissan Canada has given us this vote of confidence.”