OpenRoad’s new road leads to Ontario with acquisition of NewRoads dealerships
Image courtesy of OpenRoad Auto.
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OpenRoad Auto has turned on to a new road — one that leads to Ontario.
The Richmond, B.C.-based dealership group announced it has acquired a majority share in NewRoads Automotive Group in what OpenRoad called a “strategic merger,” significantly expanding its footprint in Ontario.
The transaction for an undisclosed amount brings NewRoads’ eight dealership locations in Ontario — in Newmarket, Aurora and Richmond Hill — under the OpenRoad umbrella. OpenRoad had previously operated four dealerships in the province, two each on Brampton and London.
In a news release, OpenRoad said Michael Croxon, who had been president and CEO of NewRoads, will be in charge of those 12 stores as president of the new OpenRoad Auto Ontario division.
“NewRoads has built an outstanding reputation in Ontario’s York region and beyond, with a culture of service and community values that align with ours at OpenRoad,” OpenRoad Auto CEO Christian Chia said. “By combining our operations, we are strengthening our presence in Ontario and enhancing our ability to serve customers across multiple brands, including Toyota, Mazda, Honda and Subaru — brands that are core to OpenRoad — and iconic brands from General Motors of Canada and Stellantis that are new to our group.”
NewRoads, founded in 1968 by Croxon’s father Noel. The companies said NewRoads’ “longstanding commitment to customer care and community engagement” meshes perfectly with OpenRoad’s mission and values.
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“In the past few years, I have been approached by many of Canada’s largest auto groups, but ultimately I wanted to ensure we work with a partner that shares the same values we do,” Michael Croxon said. “And that partner is Christian Chia and the OpenRoad Auto team.
“This is an opportunity for me to keep working in the industry I love while also ensuring the long-term future of NewRoads is in the best possible hands. I look forward to working with OpenRoad and continuing to build on the strong and trusted foundation we have established here in Ontario.”
This transaction was funded by a syndicate of banks led by BMO that also included Scotiabank, CIBC and Desjardins as OpenRoad Auto’s strategic financing partners. The deal was facilitated by Samir Akhavan of dealership brokerage Templeton Marsh.
OpenRoad Auto now operates 44 locations in British Columbia and Ontario, as well as seven collision centers.
