AutoCanada acquires autobody center in Ontario
AutoCanada said Monday it has purchased Markham, Ontario-based Velocity Autobody, which is a Tesla-certified, I-CAR Gold Class collision center.
This is the seventh collision center AutoCanada has acquired since the fourth quarter of 2020, said executive chairman Paul Antony, who said the group continues to expand its presence in the space.
“We remain focused on supporting our customers and OEM partners through the entire vehicle ownership lifecycle,” Antony said in a news release.
“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,” he said.
Velocity Autobody, which has been in business for more than 16 years, has a 12,000-square-foot facility with more than 25 production bays.
Its management team will be retained.
AutoCanada said the acquisition would generate annual revenues of more than $3.5 million, and will be funded via AutoCanada’s credit facility. It will be accretive to 2022 earnings.