Mr. Paul Antony reports

AUTOCANADA ANNOUNCES NOMINATION OF STEVE CARLISLE AND CHRISTOPHER HARRIS TO BOARD OF DIRECTORS

Steve Carlisle and Christopher Harris have been nominated for election to AutoCanada Inc.'s board of directors at the company's 2024 annual meeting of shareholders to be held on May 2, 2024.

Mr. Carlisle recently retired from his position as executive vice-president and president of General Motors North America, after more than four decades with General Motors. Before leading General Motors North America, Mr. Carlisle had been senior vice-president and president of Cadillac and president and managing director, General Motors of Canada. Over the course of his career with General Motors, Mr. Carlisle has held other senior leadership positions, including vice-president, global product planning, vice-president, U.S. sales operations, and president, Southeast Asia operations. Mr. Carlisle obtained his master of business administration from the MIT Sloan School of Management and his bachelor of applied science from the University of Waterloo.

Mr. Harris is currently a partner at Imperial Capital, a private equity firm based in Toronto, Ont., focusing on health care, business and consumer services investments. Mr. Harris has significant experience in investments involving fragmented sector consolidations such as express car washes and environmental consulting. Mr. Harris joined Imperial Capital in 2007 from KPMG where he worked in the merger and acquisition transaction services department. Mr. Harris obtained his master of business administration from the University of Oxford and his bachelor of commerce from Queen's University. He is also a chartered professional accountant.

"We are very excited to welcome Steve and Chris to our board of directors. Steve brings extensive and unparalleled OEM experience and strategic acumen, offering invaluable guidance during a period of industry transformation, while bringing the perspective of our most important business partners to the boardroom. Chris's expertise in multisite consolidation roll-up investments and financial prowess provides essential guidance for managing our growth trajectory," said Paul Antony, executive chair.

Current directors Mr. Antony, Rhonda English, Stephen Green, Barry James and Elias Olmeta have been nominated for re-election as directors, while Dennis DesRosiers and Lee Matheson will be retiring from their positions. "We would like to thank Dennis and Lee for their years of dedicated service to AutoCanada. Their guidance has been invaluable while the company has evolved and grown," said Mr. Antony, executive chair.

About AutoCanada Inc.

AutoCanada is a leading North American multilocation automobile dealership group currently operating 84 franchised dealerships, comprising 28 brands, in eight provinces in Canada as well as a group in Illinois, United States. 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 three used vehicle dealerships and one used vehicle auction business supporting the used digital retail division; 13 RightRide division locations; and 11 stand-alone collision centres within its group of 27 collision centres. In 2023, the company generated revenue in excess of $6-billion and its dealerships sold over 100,000 retail vehicles.