10:44 AM EDT, 06/25/2024 (MT Newswires) -- AutoCanada ( AOCIF ) on Tuesday said it has acquired Nurse Chevrolet Cadillac, a new and used vehicle Chevrolet Cadillac dealership and collision centre, in Whitby, Ontario. According to a statement, the centre will generate annual revenues of over $80 million and will be funded using AutoCanada's ( AOCIF ) credit facility. It is expected to be accretive to 2024 earnings.

This acquisition, AutoCanada's ( AOCIF ) first dealership in Whitby, brings the company's Ontario dealership footprint to 23 locations. It adds another certified collision centre to AutoCanada's ( AOCIF ) Collision platform, which now consists of 28 collision centres with 10 located in Ontario.

ACQ was at last look down $0.04 at $19.67.

The news comes after the company overnight Monday said it was experiencing a cyber incident and had shut down most of its systems, including the systems necessary to support its dealer management system (DMS).

The DMS, which supports its dealership operations, including sales, service, inventory, and accounting functions, is part of the CDK Global platform. According to media reports, the cyber event happened on June 19th.

AutoCanada ( AOCIF ) has taken precautionary measures to protect its systems and so far, the company has not identified any compromise or unauthorized access to its systems. Still, "this incident has had, and is likely to continue to have, a negative impact on the company's business operations until the relevant systems are fully restored," the statement said.

The company has not yet determined the full scope and impact of this event. Its dealerships remain open, and customer service will continue "through manual and alternative processes."

Price: 19.65, Change: -0.06, Percent Change: -0.30