Auto dealership company AutoCanada reports Q4 loss, sales up from year ago

EDMONTON — AutoCanada Inc. reported a loss in its fourth quarter compared with a profit a year earlier as its revenue rose nearly seven per cent.

The automobile dealership group said it lost $22.6 million or 81 cents per share for the quarter ended Dec. 31.

The loss compared with profit of $14.8 million or 52 cents per diluted share a year earlier.

Revenue totalled $1.48 billion, up from $1.39 billion in its fourth quarter of 2022.

AutoCanada executive chair Paul Antony says the company saw solid growth in new vehicle sales and a robust contribution from parts, service, and collision repair.

He says the gains were tempered by a decrease in used vehicle sales, primarily in the U.S. market, as well as higher interest rates and consumer preferences for affordable vehicles and minimal financing.

This report by The Canadian Press was first published March 7, 2024.

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The Canadian Press