More than half of all new-vehicle sales in Canada are controlled by large auto dealership groups that own dozens of locations and sell a multitude of brands, a trend that’s expected to accelerate as more single-store owners exit the business, industry experts say. “It’s stunning,” Dennis DesRosiers, president of DesRosiers Automotive Consultants Ltd., said of the rapid change in ownership structure. More than half of all new vehicles sales in Canada — 58 per cent — were handled by group-owned franchised stores in 2017, according to data compiled by his Richmond Hill research and consulting company.
Parkland Fuel Corp. shares closed eight per cent higher on Friday after it reported doubling revenue in the second quarter on higher profit margins for fuel and contributions from two major acquisitions completed last year. The gas station owner’s stock leaped to $37.93 after it reported net earnings of $60 million on revenue of $3.8 billion — well ahead of expectations of $49 million profit on $3.2 billion in revenue, as reported by Thomson Reuters Eikon. “Our record results in the second quarter continue to highlight the contribution of the Chevron and Ultramar acquisitions, the significance of the annual synergies we are realizing and the underlying strength of Parkland’s pre-acquisition operations,” said CEO Bob Espey.
U.S. cannabis seller Starbuds is embarking on two capital-raising efforts to back its expansion in Canada and elsewhere.
A unique retail concept involving the creation of a mini-mall within a larger shopping centre is gearing up to expand to other venues after its successful debut at the West Edmonton Mall. The Retail a