AUTOCANADA ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION

EDMONTON, AB, June 4, 2024 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that Azim Lalani has resigned from his position as Chief Financial Officer for personal reasons effective June 30, 2024, and will be relocating back to Vancouver. Azim will continue to be available to the Company for six months after the effective date to assist with the transition. Samuel Cochrane will be appointed as the new Chief Financial Officer effective on June 30, 2024.

"Azim has been a valued member of our team and we want to thank him for his leadership in implementing various key initiatives, strong financial stewardship and dedication to AutoCanada, its employees and shareholders. We wish him the best in his future endeavors," said Paul Antony, Executive Chair of the Company. "While we will miss Azim, we are excited to welcome Sam to our team. Sam's proven experience in driving business transformations and process improvements will be instrumental for AutoCanada as we execute on our Project Elevate initiatives."

Sam is a highly experienced financial executive, most recently serving as Chief Financial Officer of Telit Cinterion, an IoT solutions provider. Sam previously played key roles in creating shareholder value as Chief Financial Officer at Sierra Wireless (NASDAQ:SWIR, TSX:SW), an IoT solutions provider, and as Chief Financial Officer at Avigilon (TSX:AVO), a video surveillance and analytics company. Sam's tenure at Sierra Wireless culminated in the acquisition of Sierra Wireless by Semtech for a 4.5x equity return for shareholders from 2020 to 2023. Sam articled with Price Waterhouse Coopers LLP and is a Chartered Accountant.

About AutoCanada

AutoCanada is a leading North American multi-location automobile dealership group currently operating 84 franchised dealerships, comprised of 28 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells Acura, Alfa Romeo, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, FIAT, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Lincoln, Mazda, Mercedes-Benz, MINI, Nissan, Porsche, Ram, Subaru, Toyota, Volkswagen, and Volvo branded vehicles. In addition, AutoCanada's Canadian Operations segment currently operates 3 used vehicle dealerships and 1 used vehicle auction business supporting the Used Digital Retail Division, 13 RightRide division locations, and 11 stand-alone collision centres within our group of 27 collision centres. In 2023, the Company generated revenue in excess of $6 billion and our dealerships sold over 100,000 retail vehicles.

Additional Information

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

SOURCE AutoCanada Inc.

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