06:50 AM EDT, 03/27/2024 (MT Newswires) -- AutoCanada Inc. ( AOCIF ) , a multi-location North American automobile dealership group, overnight Tuesday announced that in connection with its previously announced normal course issuer bid to purchase up to 1,329,106 common shares, AutoCanada ( AOCIF ) has entered into an automatic share purchase plan with its designated broker. A statement noted the ASPP has been pre-cleared by the TSX and will terminate on March 10, 2025, unless earlier terminated in accordance with its term

According to the statement, the ASPP is intended to allow for purchases of its common shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management's discretion, subject to applicable law.

AutoCanada's ( AOCIF ) NCIB commenced on March 11, 2024 and will continue until March 10, 2025, when the bid expires, or such earlier date as the corporation completes its purchases pursuant to the notice of intention filed with the TSX. All purchases of common shares made under the ASPP will be included in determining the number of common shares purchased under the NCIB. Any common shares purchased by the corporation pursuant to the NCIB will be cancelled.