Published: Dec. 27, 2023 at 9:04 a.m. ET
By Adriano Marchese
AutoCanada said Wednesday that it received 25 million Canadian dollars ($18.9 million) from iA Financial Group for a 10% stake in its online financing and insurance unit.
The Canadian automobile dealership group said that iA Financial Group will invest in the online C2C F&I business, unit that will sell finance, insurance…
By Adriano Marchese
AutoCanada said Wednesday that it received 25 million Canadian dollars ($18.9 million) from iA Financial Group for a 10% stake in its online financing and insurance unit.
The Canadian automobile dealership group said that iA Financial Group will invest in the online C2C F&I business, unit that will sell finance, insurance and warranty products to buyers of private owner-sold vehicles on Kijiji’s online marketplaces.
AutoCanada said that it has used the proceeds to acquire the minority interest of 19.1% in the Used Digital Division that is owned by AutoCanada UD LP from its executive chairman, Paul Antony, and others.
For the stake, it paid C$23.9 million and C$7.5 million in issuable share units.
Write to Adriano Marchese at adriano.marchese@wsj.com
