AutoCanada Income Fund Victoria Hyundai Dealership Renovation Substantially Completed

    EDMONTON, April 27 /CNW/ - AutoCanada Income Fund ("AutoCanada" or the
"Fund" TSX: ACQ.UN), Canada's only publicly traded franchised automobile
dealership business, announced today that the previously announced renovation
of Hometown Motors LP, operating as Victoria Hyundai in Victoria, B.C., is
substantially complete.
    The new renovated dealership facilities expand the dealership from
approximately 6,000 sq. ft. to 18,296 sq. ft., and offers an incremental six
service bays, show room space for nine new and used vehicles, up from six, a
customer lounge, used vehicle offices, and a second floor lunchroom and
offices. Upon completion of the renovation, the land and building shall be
purchased by a subsidiary of Canada One Auto Group Ltd. ("Canada One"). Mr.
Priestner is the majority shareholder of Canada One. Mr. Priestner is also
Chief Executive Officer of the Fund. As with all other properties owned by
Canada One and leased to dealerships owned by the Fund, lease payments shall
be determined by an independent third party appraisal. Mr Priestner said: "We
are pleased to offer this newly renovated facility to our Victoria Hyundai
customers and look to these improvements to provide an enhanced vehicle
purchase experience consistent with our vision of total customer

    About AutoCanada
    AutoCanada is Canada's only publicly traded entity with interests
exclusively in the operation of franchised automobile dealerships. Through its
54% interest in AutoCanada LP, it operates or manages 17 franchised automobile
dealerships in six provinces and has over 940 employees. It currently sells
various new vehicle brands, including Chrysler, Dodge, Jeep(R), Subaru,
Hyundai, and, through a managed dealership, Nissan. In 2006, its franchised
automobile dealerships sold approximately 19,000 vehicles and processed
approximately 215,000 service and collision repair orders in 245 service bays,
generating revenue of approximately $694 million.

    About Canada One Auto Group Ltd.
    Canada One Auto Group Ltd. is a private company controlled by Patrick
Priestner. On May 11, 2006 AutoCanada Income Fund acquired the business assets
of Canada One Auto Group Ltd as disclosed in its prospectus that was filed on
May 3, 2006. Canada One holds a 46% interest in the Fund on a fully diluted

    Additional information about AutoCanada Income Fund is available at and the Fund's website at

For further information:

For further information: Tom Orysiuk, CA, Executive Vice-President and
Chief Financial Officer, AutoCanada Income Fund, Phone: (780) 732-3139

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