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**AutoCanada Sells Toyota Dealership in Chicago to Murgado Automotive**
AutoCanada has completed the sale of Toyota of Lincoln Park, located in Chicago, as part of its broader strategy to exit the U.S. auto retail market. The buyer, Murgado Automotive Group, acquired the dealership for $11.2 million in cash. This figure includes goodwill and fixed assets, but excludes inventory and net working capital. The proceeds from the sale will be used to reduce AutoCanada’s outstanding revolving credit facility.
Edmonton-based AutoCanada is a dealership and collision repair group, with operations across North America. The Toyota of Lincoln Park dealership is one of 10 Illinois locations that AutoCanada has designated as discontinued operations.
Miami-based Murgado Automotive Group currently operates 29 dealership locations across several regions, including the Chicago area, Southern California, Florida, Virginia, and New Jersey.
Haig Partners LLC served as the exclusive sell-side advisor for the transaction. The firm has previously advised on the sale or acquisition of 38 Toyota dealerships nationwide and 126 dealerships across the Midwest.
In related news, Toyota on Western, a dealership on Chicago’s South Side, recently announced plans for a major facility expansion and a complete renovation of its existing dealership.
Connect CRE is currently accepting nominations for its annual recognition of the top investment sales and leasing brokers in commercial real estate. Now in its ninth year, the awards program honors outstanding industry professionals based on their performance over the past year.
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