The CEO of Canadian auto retailer Steele Auto Group has purchased a 10 percent stake in publicly traded rival AutoCanada Inc.
Rob Steele on Thursday acquired 24,000 common shares of AutoCanada through his company Steele Auto Investments Ltd. The cost of the acquisition wasn't immediately disclosed.
“These shares were acquired for investment purposes,” Steele said in a statement.
Steele Auto Group operates 41 dealerships selling 27 brands and has an employee base of more than 2,000 in Atlantic Canada.
In February 2020 it added Luling Chevrolet Buick GMC of in Luling, Texas, to its stable of stores.
AutoCanada operates 50 franchised dealerships in Canada comprised of 21brands in eight provinces. It also has 13 franchises comprised of 11 brands in Illinois.
AutoCanada this week reported a net loss of CDN$20.1 million in the second quarter as the COVID-19 pandemic sent the dealer group’s retail sales plummeting early in the health crisis.