AutoCanada Inc., a multi-location North American automobile dealership group, and CanadaOne Auto Group, a multi-location automobile dealership group operating dealerships across Canada, announced that they have agreed to resolve the legal proceedings between AutoCanada, Patrick Priestner and CanadaOne Auto that were commenced in 2019. Priestner was previously the chief executive officer and chairman of AutoCanada.
As part of this resolution, AutoCanada has agreed to sell to CanadaOne Auto properties on which two of CanadaOne Auto’s dealerships are located, and CanadaOne Auto has agreed to amend the leases for two AutoCanada dealerships located on properties owned by CanadaOne Auto. The parties have also agreed to co-operate on certain commercial matters for each other’s mutual benefit, and plan to work together on certain charitable initiatives. Neither party has admitted any wrongdoing or liability.
