AUTOCANADA, PATRICK PRIESTNER AND CANADAONE AUTO GROUP SETTLE OUTSTANDING LITIGATION
EDMONTON, Alberta, September 8, 2023 - AutoCanada Inc. (“AutoCanada” or the “Company”) (TSX: ACQ), a multilocation North American automobile dealership group, and CanadaOne Auto Group (“CanadaOne Auto”), a multilocation automobile dealership group operating dealerships across Canada, announced today that they have agreed to resolve the legal proceedings between AutoCanada, Patrick Priestner and CanadaOne Auto that were commenced in 2019. Mr. Priestner was previously the Chief Executive Officer and Chairman of AutoCanada.
As part of this resolution, AutoCanada has agreed to sell to CanadaOne Auto properties on which two of CanadaOne Auto’s dealerships are located, and CanadaOne Auto has agreed to amend the leases for two AutoCanada dealerships located on properties owned by CanadaOne Auto. The parties have also agreed to co-operate on certain commercial matters for each other’s mutual benefit, and plan to work together on certain charitable initiatives. Neither party has admitted any wrongdoing or liability.
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 3 used vehicle dealerships and 1 used vehicle auction business supporting the Used Digital Retail Division, 12 RightRide division locations, and 11 stand-alone collision centres within our group of 27 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.sedarplus.ca and the Company's website at www.autocan.ca.
For further information about AutoCanada contact:
Azim Lalani, Chief Financial Officer
About CanadaOne Auto
CanadaOne Auto is a multi-location automobile dealership group, currently operating 29 dealerships across Canada in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Our 2500+ employees proudly sell and service vehicles from some of Canada's top automotive brands, including Subaru, Honda, Kia, Toyota, Lexus, Ford, Lincoln, Chevrolet, Buick, Cadillac, GMC, and Corvette. Additional information about CanadaOne Auto is available at www.canadaoneauto.com.
For further information about CanadaOne Auto contact:
David Gordey, Chief Financial Officer
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", "shall" and similar expressions) are not historical facts and are forward-looking and may 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, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Therefore, any such forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this press release.
The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.
Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.