By Ben Glickman
AutoCanada said on Friday it had resolved legal proceedings with former Chief Executive Patrick Priestner and CanadaOne Auto Group.
AutoCanada sued Priestner, who founded the company in 2019, and alleged that he acted against its interests when he acquired car dealerships through private companies when he was CEO.
Under the resolution, AutoCanada agreed to sell to CanadaOne two properties with existing CanadaOne dealerships. CanadaOne has agreed to amend the leases of two AutoCanada dealerships located on CanadaOne-owned properties.
Neither party admitted wrongdoing or liability.
Write to Ben Glickman at ben.glickman@wsj.com
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