The 401 Group of Companies is nearly doubling its portfolio of new-car dealerships with two acquisitions accounting for seven stores in southern Ontario.
The deals solidify the Cambridge, Ont.-based company’s standing as a “growing group that’s looking to expand within the Canadian marketplace,” said Ted Lancaster, the dealership group’s executive vice-president of business development, and mergers and acquisitions.
The 401 Group — now with 16 stores — brings four new vehicle brands under its umbrella with the two transactions, which it hopes will create further opportunities as it pushes to expand.
“While our focus has been in Ontario, we’re not going to be limited by one single province or even country,” Lancaster said. “We think there’s opportunity to continue to diversify and grow.”
Financial terms of the two deals — one for six stores, the other for a single dealership — were not disclosed.
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