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AutoCanada Sells Toyota Car Dealership in Chicago
As part of AutoCanada’s ongoing move out of the U.S auto retail market, the company has completed the sale of Toyota of Lincoln Park in Chicago to Murgado Automotive Group.
The Edmonton-based dealership and collision repair group said the deal is worth $11.2 million in cash for goodwill and fixed assets, excluding inventory and net working capital. The proceeds will be used to reduce the outstanding balance of the company’s revolving credit facility.
Haig Partners LLC served as the exclusive sell-side advisor on the sale. Haig Partners has advised on the purchase or sale of 38 Toyota dealerships nationwide and 126 dealerships throughout the Midwest.
The dealership is one of the 10 Illinois locations designated as discontinued operations by AutoCanada. Miami-based Murgado operates 29 dealership locations in the Chicago area, Southern California, Florida, Virginia and New Jersey.
Meanwhile, a dealership on Chicago’s South Side, Toyota on Western, recently announced plans for a major facility expansion and complete renovation of its existing dealership.
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