AUTOCANADA ANNOUNCES APPOINTMENT OF AZIM LALANI AS ITS NEW CHIEF FINANCIAL OFFICER

EDMONTON, AB, Dec. 20, 2022 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that Azim Lalani will be appointed as its new Chief Financial Officer, effective in the first quarter of 2023.  He will be based at the Company's Edmonton headquarters.

Azim has over 25 years of financial experience and has held senior management roles in several public and private real estate and operating companies with responsibility for financial reporting, treasury, corporate finance, taxation, investor relations and risk management.  He joins AutoCanada from a real estate development and management company, where he has served as Senior Vice President, Finance and Accounting.  Previously, Azim was the Chief Financial Officer of American Hotel Income Properties REIT LP (TSX:  HOT.UN), where he oversaw the REIT's growth from an enterprise value of US$350 million to over US$1.1 billion with a diversified portfolio of franchised hotels located across the United States.

Azim is currently Co-Vice Chair of the Board of Governors and Chair of the Finance Committee at the University of British Columbia.  He is also a Corporate Director with UBC Investment Management Trust and the Chair of the Audit Committee of the Family Services of the North Shore.

Azim is a CPA (CA) and CBV, and started his career with KPMG LLP in Vancouver.

"We are very excited to welcome Azim as our new CFO," said Paul Antony, Executive Chair of the Company.  "His extensive experience and proven track record make him a valuable addition to our team as we continue to optimize our platform and pursue growth opportunities."

About AutoCanada

AutoCanada is a leading North American multi-location automobile dealership group currently operating 82 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, com 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 nine stand-alone collision centres within our group of 24 collision centres. In 2021, our dealerships sold approximately 86,000 vehicles and processed over 800,000 service and collision repair orders in our 1,303 service bays generating revenue in excess of $4 billion.

Additional information about AutoCanada is available at www.autocan.ca and www.sedar.com.

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, the timing of appointment of the Chief Financial Officer.

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, 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 all of which may affect the forward looking statements.

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.

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.

Mike Borys, Chief Financial Officer, Phone: [phone], Email: [email protected]