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AUTOCANADA ACQUIRES PREMIER CHEVROLET CADILLAC BUICK GMC DEALERSHIP AND COLLISION CENTRE IN WINDSOR, ONTARIO

T.ACQ

EDMONTON, AB, April 18, 2023 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has acquired Premier Chevrolet Cadillac Buick GMC ("Premier"), a new and used vehicle Chevrolet Cadillac GMC Buick dealership and collision centre, located in Windsor, Ontario.

AutoCanada Inc. Logo (CNW Group/AutoCanada Inc.)

"We are thrilled to announce the acquisition of this exceptional dealership and collision centre, which further bolsters our physical footprint in Windsor– an attractive market in Southwestern Ontario. This acquisition not only adds a dealership with significant growth potential to our portfolio, but also brings a certified collision centre into the AutoCanada Collision platform," said Executive Chairman, Paul Antony. "Notably, the acquisition expands our relationship with Chevrolet, Cadillac, GMC, and Buick, adds another Cadillac store into our dealership portfolio, and represents our third dealership in Windsor. We look forward to building upon the strong foundation established by the previous owners and working with the talented team at Premier to further grow the business and serve customers throughout the Windsor market."

Premier is a well-established business in the Windsor area, having served the local community for over 46 years with a track record of delivering top-tier customer satisfaction. The dealership features facilities of more than 42,000 square feet on five acres, including a collision centre that operates out of a 12,000 square foot facility with 14 service bays. The current management team will continue to operate the business going forward.

Financial Highlights

The acquired dealership including the collision centre generates in excess of $70 million in annual revenue. The transaction will be funded from a drawdown of the Company's credit facility and is expected to be accretive to 2023 earnings.

About AutoCanada

AutoCanada is a leading North American multi-location automobile dealership group currently operating 83 franchised dealerships, comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Acura, Honda and Porsche branded vehicles. In addition, AutoCanada's Canadian Operations segment currently operates three used vehicle dealerships and one used vehicle auction business supporting the Used Digital Retail Division, 11 RightRide division locations, and 10 stand-alone collision centres within our group of 26 collision centres. In 2022, our dealerships sold approximately 100,000 vehicles and processed over 900,000 service and collision repair orders in our 1,367 service bays generating revenue in excess of $6 billion.

Additional information about AutoCanada is available at www.sedar.com and the Company's website at www.autocan.ca.

Certain statements contained in this press release are forward-looking statements and information (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe" and similar expressions) are not historical facts and are forward looking. In particular, this press release contains forward-looking statements with respect to, among other things, future operating results of the acquired dealership, the successful integration of such dealership into AutoCanada's business, and the growth of the Company's collision and F&I divisions.

The forward-looking statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Readers are cautioned that forward-looking statements are based on current expectations, estimates and projections that, by their nature, forward-looking statements involve a number of known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. These known and unknown risks and uncertainties include, but are not limited to: future operating results, the impact of the COVID-19 pandemic on our operations, events that interrupt vehicle or parts supply to AutoCanada's OEMs, financial condition and liquidity and the duration of such impacts; potential changes in the regulatory and legislative environment; volatility in interest and tax rates; operating risks inherent in the automotive retail industry; and changes in general economic conditions including the capital and credit markets.

Forward-looking statements involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict. Accordingly, actual results or outcomes may differ materially from those expressed in the forward-looking statements. In particular, in presenting its forward-looking statements, AutoCanada has made assumptions respecting, among other things the future operating results of the acquired dealership, the successful integration of the acquired dealership into AutoCanada's platform, the growth opportunities at the acquired dealership and the growth opportunities for our collision and RightRide divisions.

AutoCanada cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking statements contained in this press release speak only as of the date hereof and AutoCanada assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

SOURCE AutoCanada Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/18/c8425.html



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