Sale of Chicago Toyota store the latest step toward AutoCanada’s U.S. exit
Image courtesy of AutoCanada.
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AutoCanada’s move out of the U.S. continues with the sale of Toyota of Lincoln Park in Chicago.
The Edmonton-based dealership and collision repair group said the deal is worth $11.2 million in cash for goodwill and fixed assets, excluding inventory and net working capital. The proceeds will be used to reduce the outstanding balance of the company’s revolving credit facility.
The dealership is one of the 10 U.S. locations, all in Illinois, designated as “discontinued operations” by AutoCanada a year ago as part of the company’s plan to return to financial stability. AutoCanada announced sale agreements for six of those stores last summer, with four of those sales since completed.
Toyota of Lincoln Park is one of the four not included in those agreements. AutoCanada is still seeking buyers for the remaining three — Hyundai of Lincolnwood, Kia of Lincolnwood and Toyota of Lincolnwood.
In the 12 months ended Sept. 30, AutoCanada said, Toyota of Lincoln Park generated some $64.7 million in revenue and $1 million in net income. It incurred a net loss of $1.2 million in 2024.
