AutoCanada Inc. has completed the sale of Toyota of Lincolnwood in Lincolnwood, Ill., for approximately $40.1 million in cash, excluding inventory and net working capital.

Buyers details were not disclosed. The dealership was part of AutoCanada’s U.S. operations, which were classified as discontinued operations at the end of 2024. AutoCanada said the business generated a net loss from discontinued operations of $103.4 million in 2024.

Net proceeds from the transaction will be used to reduce the balance outstanding on AutoCanada’s revolving credit facility. The sale brings gross proceeds, net of working capital, from seven U.S. dealership divestitures completed since the U.S. segment was classified as discontinued operations to approximately $105.9 million, said AutoCanada.

“The sale of Toyota of Lincolnwood marks a significant milestone in our U.S. exit and reflects the progress we have made on the strategic decision to focus our capital and management attention on our core Canadian dealership and collision operations,” said Samuel Cochrane, CEO and and interim CFO.

“While the divestiture process has taken longer than originally anticipated, we have now generated approximately $106 million of proceeds from our U.S. dealership sales. Supported by the underlying real estate value associated with our remaining U.S. stores, we remain confident in achieving toward the high end of our expected $115-$130 million proceeds range, and completing the sale of our remaining U.S. dealerships this year.”

Edmonton-based AutoCanada said it continues to anticipate total proceeds from its U.S. exit toward the upper end of its previously disclosed range of $115 million to $130 million.

Pictured: Toyota of Lincolnwood dealership.