07:17 AM EST, 03/07/2024 (MT Newswires) -- AutoCanada Inc. ( AOCIF ) , a multi-location North American automobile dealership group, on Thursday announced its Q4 2023 results.

Revenue rose 6.9%, to $1.48 billion, from $1.39 billion the year before. The increase was due to higher new vehicle sales, contributions from PS&CR (parts, service & collision repair) and recent acquisitions offset by lower used vehicle sales in U.S.

The company recorded a net loss of $22.6 million, or $(0.81) per diluted share, compared with net income of $14.8 million, or $0.52 per diluted share, in the prior year.

"During the fourth quarter, AutoCanada ( AOCIF ) experienced solid growth in new vehicle sales and a robust contribution from parts, service, and collision repair. These gains were tempered by a decrease in used vehicle sales, primarily in the U.S. market, as well as higher interest rates impacting floorplan, finance costs, and consumer preferences for affordable vehicles and minimal financing," said Paul Antony, AutoCanada's ( AOCIF ) Executive Chair.

The company also said it has made "significant progress" on its Project Elevate initiatives.

AutoCanada ( AOCIF ) has received TSX approval to renew its normal course issuer bid -- the company may purchase up to 1.33 million common shares during the twelve-month period from March 11, and ending March 10 next year.

The company's previous NCIB ended on December 27, 2023. No shares were purchased under that NCIB.