- Revenue was $1,281.1 million as
compared to $727.4 million in the
prior year, an increase of 76.1% and the highest second quarter
revenue reported in the Company's history
- Net income (loss) for the period was $37.7 million versus $(20.1) million in 2020
- Adjusted EBITDA was $70.5 million
versus $4.8 million in the prior
year, an increase of 1,360%; pre-IFRS 16 Adjusted EBITDA was
$59.6 million versus $(5.4) million, an increase of 1,210%; on a
trailing twelve month basis, pre-IFRS 16 Adjusted EBITDA was
$176.4 million
- Fully diluted earnings per share was $1.23, an increase of $1.95 from $(0.72)
in the prior year
- Net indebtedness of $21.6 million
at the end of Q2 2021 compares to $72.6
million at the end of Q1 2021; trailing twelve month free
cash flow of $159.9 million compares
to $179.3 million in the prior year
and net debt leverage on a pre-IFRS 16 basis improves to 0.1x from
0.7x at the end of Q1 2021
EDMONTON, AB, Aug. 11, 2021 /CNW/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North
American automobile dealership group, today reported its financial
results for the three month period ended June 30, 2021.
"We delivered another record-setting performance in Q2 2021,
continuing the trend of sustainable improvement and execution of
our complete business model and strategic initiatives," said
Paul Antony, Executive Chairman of
AutoCanada. "We're encouraged by the strong momentum across our
business both in Canada and the
U.S., particularly the strength of our used vehicle and F&I
operations, proactive inventory management and our ongoing
disciplined focus on operational excellence."
"For our U.S. operations, Q2 was a breakout quarter as the newly
appointed management team drove a fundamental shift in the
operating and sales culture, while capitalizing on favourable
market conditions. Specifically, the U.S. increased used
retail unit sales to 1,797 from 693 in the prior year, an
improvement of 159%, while delivering normalized Adjusted EBITDA of
$7.7 million in Q2 2021 against
$0.9 million in Q2 2020."
"With a robust acquisition pipeline of dealerships and collision
centers representing over $500
million in annual revenue currently being evaluated, we
remain well positioned to execute our acquisition strategy in the
coming quarters. We continue to focus our strategy on
diversifying by geography and brands, in addition to expanding our
network of used dealerships and collision centres."
"We are well positioned to continue to deliver sustainable
improvements and build on our positive momentum in a way that
carries us through this year and beyond."
Second Quarter Key Highlights and Recent Developments
All comparisons presented below are between the three-month
period ended June 30, 2021 and the three-month period ended
June 30, 2020, unless otherwise
indicated.
The Company reported record-setting performance as revenue for
the second quarter of 2021 reached $1,281.1
million as compared to $727.4
million in Q2 2020, an increase of 76.1%. We continued to
demonstrate strong growth across all areas of the business, both in
our Canadian and U.S. operations. In particular, the record Q2 2021
was driven by strong performance of our used vehicle and finance
and insurance ("F&I") business operations.
Net income (loss) for the period was $37.7 million, as compared to $(20.1) million in Q2 2020.
Adjusted EBITDA was $70.5 million
in Q2 2021 as compared to $4.8
million reported in Q2 2020. In Q2 2020, the impact of
COVID-19 resulted in the recognition of a net charge to earnings of
$(17.0) million comprised of CEWS
income of $26.2 million, offset by
COVID-19 related inventory write-downs and operating provisions of
$(38.8) million in Canada and $(4.4)
million in the U.S.
Captured within second quarter Adjusted EBITDA of $70.5 million are typically non-recurring
government subsidies of $1.6 million
for Canada, and $1.3 million for the forgiveness of Paycheck
Protection Program ("PPP") loans for the U.S.
Excluding these typically non-recurring items, normalized
Adjusted EBITDA was $67.5 million for
the quarter as compared to a normalized $21.9 million in the prior year. On
a normalized basis, Adjusted EBITDA margin was 5.3% as compared to
a normalized 2.4% in the prior year, an increase of 2.9 percentage
points ("ppts").
Total gross profit increased by 123% to $217.8 million, propelled by the Company's
continued focus on the used vehicle market and strong F&I
outperformance. Canadian used retail unit sales increased by 75.6%
and U.S. used retail unit sales increased by 159%, respectively,
over the prior year; consolidated used retail unit sales of 13,271
exceeded the 7,228 reported in the prior year, an increase of
83.6%. Strong used retail sales resulted in our consolidated used
to new retail unit ratio improving to 1.31 from 0.96, and to 1.13
on a trailing twelve month ("TTM") basis, moving beyond the
targeted annual 1.0 ratio. Same store F&I gross profit per
retail unit average increased to $2,942 per unit, an increase of $305 per unit, the eleventh consecutive quarter
of year-over-year growth.
In the U.S., Q2 2021 was a breakout quarter as the newly
appointed management team drove a fundamental shift in the
operating and sales culture, while capitalizing on favourable
market conditions. Significant strategic operational changes,
including establishing a dedicated used vehicle team and actively
top-grading talent across all functional areas, positioned the U.S.
well for selling season and led to improved metrics on multiple
fronts. Specifically, the U.S. increased used retail unit
sales to 1,797 from 693 in the prior year, an improvement of 159%,
while reporting normalized Adjusted EBITDA of $7.7 million in Q2 2021 against $0.9 million reported in Q2 2020.
Similar to Q1 2021, proactive inventory management for both new
and used vehicles continued to be a key driver to the Company's
success in delivering both strong revenue and margin growth across
all our business operations in the second quarter. Consolidated
used vehicle gross profit margin increased by 6.0 percentage points
("ppts") to 8.0% as compared to the prior year. Normalizing for the
COVID-19 related used inventory write-down recognized in Q2 2020,
used vehicle gross profit margin increased to 8.0% as compared to
4.4% in Q2 2020.
Operating expenses as a percentage of gross profit decreased by
(31.0) ppts to 71.0%, as compared to prior year. Normalized
operating expenses as a percentage of gross profit improved to
72.4% as compared to 87.2% in the prior year, and is well below the
five-year second quarter historical average of 87.0%. The Company's
ability to control and rationalize costs underscores the
effectiveness of the actions taken during 2020 to streamline the
Company's cost structure while optimizing operating leverage.
Net indebtedness improved by $(51.0)
million from March 31, 2021 to
$21.6 million. Free cash flow on a
TTM basis was $159.9 million at Q2
2021 as compared to $179.3 million in
Q2 2020. Additionally, our net indebtedness leverage ratio improved
to 0.1x at the end of Q2 2021, as compared to 0.7x in Q1 2021.
The Company remains well-positioned to execute on its
acquisition strategy in the coming quarters. We have established a
substantial transaction pipeline with a number of dealerships
currently being evaluated. We currently have $500 million in annual revenue under signed
letters of intent ("LOI's") and purchase agreements. LOI's, subject
to due diligence, represent $200
million in annual revenue. Signed purchase agreements for
dealerships located in Ontario,
subject to OEM approvals and other standard closing conditions,
represent over $300 million in annual
revenue – inclusive of brands we do not currently operate
today.
Our performance, both in Canada
and U.S. Operations, continues our trend of sustainable improvement
and demonstrates the efficacy of our complete business model and
strategic initiatives. However, we remain aware that uncertainty
continues to exist in the macroeconomic environment given the
ongoing challenges associated with the global pandemic.
Uncertainties may include potential economic recessions or
downturns, continued disruptions to the global automotive
manufacturing supply chain, and other general economic conditions
resulting in reduced demand for vehicle sales and service. We will
continue to remain proactive and vigilant in assessing how COVID-19
may impact our organization and remain committed to optimizing and
building stability and resiliency into our business model to ensure
we are able to drive industry-leading performance regardless of
changing market conditions.
Consolidated AutoCanada Highlights
RECORD SETTING SECOND QUARTER
As a result of the continued execution of our complete business
model, along with the improvement in market outlook and demand
during Q2 2021, AutoCanada delivered a record setting second
quarter.
For the three-month period ended June 30,
2021:
- Revenue was $1,281.1 million, an
increase of $553.6 million or 76.1%
and the highest second quarter revenue reported in the Company's
history
- Total vehicles sold were 23,953, an increase of 8,859 units or
58.7%
-
- Used retail vehicles sold increased by 6,043 or 83.6%
- Net income (loss) for the period was $37.7 million (or $1.33 per basic share) versus $(20.1) million (or $(0.72) per basic share) in 2020
- Adjusted EBITDA increased by 1,360% to $70.5 million, an increase of $65.7 million
-
- Adjusting for COVID-19 related typically non-recurring items of
$3.0 million in Q2 2021 and
$(17.0) million in Q2 2020,
normalized Adjusted EBITDA was $67.5
million, ahead of prior year by $45.7
million; normalized pre-IFRS 16 Adjusted EBITDA was
$56.6 million, as compared to
$11.7 million
- Ending net indebtedness of $21.6
million reflected a decrease of $(51.0) million from Q1 2021, driven primarily by
the strength of our operating performance. Free cash flow on a TTM
basis was $159.9 million at Q2 2021
as compared to $179.3 million in Q2
2020.
Canadian Operations Highlights
RETAIL UNIT SALES GROWTH OF 47.4%
Our used vehicle and F&I segments were key drivers of
improved earnings in Q2 2021. Normalizing for COVID-19 related
inventory write-downs taken in Q2 2020, total gross profit
percentage increased to 17.3% as compared to 15.8% in the prior
year and used vehicle gross profit percentage increased to 7.7% as
compared to 3.8% in the prior year. For the eleventh consecutive
quarter of year-over-year growth, same store F&I gross profit
per retail unit average increased to $2,942, up 11.6% or $305 per unit from prior year.
Current period results include the acquisitions of Auto Bugatti
collision center and Haldimand Motors which occurred in Q4 2020 and
PG Klassic Autobody collision center which occurred on April 1, 2021. Unless stated otherwise, all
results for acquired businesses are included in all Canadian
references in the MD&A.
For the three-month period ended June 30,
2021:
- Revenue was $1,089.5 million, an
increase of 66.0%; the highest second quarter Canadian revenue
reported in the Company's history and the first time Canadian
revenue has exceeded $1 billion in a
single quarter.
- Total retail vehicles sold were 19,237, an increase of 6,184
units or 47.4%
-
- Used retail unit sales increased by 4,939 or 75.6%
- Average trailing twelve month Canadian used retail unit sales
per dealership per month, excluding Haldimand Motors, reached 57,
as compared to 42 in the prior year
- Used to new retail units ratio increased to 1.48 from 1.00
-
- Trailing twelve month ratio improved to 1.13 at Q2 2021 as
compared to 0.88 at Q2 2020
- Finance and insurance gross profit per retail unit average
increased to $2,858, up 8.0% or
$212 per unit
- Net income for the period was $33.0
million, up $46.7 million from
a net loss of $(13.7) million in
2020
- Adjusted EBITDA increased 637% to $61.5
million, an increase of $53.2
million
-
- Adjusting for COVID-19 related, typically non-recurring items,
normalized Adjusted EBITDA decreases to $59.9 million, ahead of prior year by
$38.9 million; normalized pre-IFRS 16
Adjusted EBITDA was $49.9 million, as
compared to $11.8 million
- Normalized Canadian Adjusted EBITDA margin was 5.5% as compared
to 3.2% in the prior year, an increase of 2.3 ppts
U.S. Operations Highlights
RETAIL UNIT SALES GROWTH OF 143%
The U.S. management team transition that occurred in late Q1
2021 drove a fundamental shift in the operating and sales culture
of the dealerships. Strategic decisions executed throughout Q2 2021
resulted in a breakout quarter, where, along with a 143%
improvement in retail unit sales, total gross profit
percentage set a second quarter record of 15.6%. Actions taken
included the strategic build-up of used vehicle inventory, the
creation of a dedicated used vehicle team, top-grading dealership
management, expanding team across all levels of the business, and
the execution of operational best practices.
Current period results include the acquisition of Autohaus of
Peoria which occurred on October 29,
2020.
- Revenue was $191.6 million, an
increase of 170%
- Retail unit sales increased to 4,141 units, up 2,440 units or
143%
- Net income (loss) for the period increased by $11.1 million to $4.7
million from $(6.4) million in
2020
- Adjusted EBITDA was $9.0 million,
an increase of $12.5 million from
2020
-
- Adjusting for COVID-19 related typically non-recurring items,
normalized Adjusted EBITDA increases to $7.7
million, an increase of $6.7
million from prior year normalized Adjusted EBITDA of
$0.9 million; normalized pre-IFRS 16
Adjusted EBITDA was $6.7 million, as
compared to $(0.1) million
Same Store Metrics - Canadian Operations
SAME STORE USED RETAIL UNIT SALES GROWTH OF
61.7%
Same store new and used retail unit sales increased by
40.5% to 18,362 units; new retail units increased by 19.1% and
used retail units increased by 61.7%. The continued optimization of
the Company's complete business model is highlighted by the
year-over-year improvement in gross profit across every business
segment which collectively totaled $89.8
million, or 103%.
Same stores metrics include only Canadian dealerships which have
been owned for at least two full years since acquisition.
- Revenue increased to $971.2
million, an increase of 54.2%
- Gross profit increased by $89.8
million or 103%
- Used to new retail units ratio increased to 1.37 from 1.01
-
- New and used retail unit sales increased by 40.5% to 18,362
units
-
- Used retail unit sales increased by 61.7%, an increase of 4,046
units
- Finance and insurance gross profit per retail unit average
increased to $2,942, up 11.6% or
$305 per unit; gross profit increased
to $54.0 million as compared to
$34.5 million in the prior year, an
increase of $19.6 million or
56.8%
- Parts, service and collision repair gross profit increased to
$56.8 million, an increase of
43.1%
-
- Parts, service and collision repair gross profit percentage
increased to 55.5% as compared to 49.4% in the prior year, an
increase of 6.1 ppts, driven by various initiatives to improve
margin retention
Financing and Investing Activities and Other Recent
Developments
ACQUISITION PIPELINE SUPPORTED BY HEALTHY
BALANCE SHEET AND LIQUIDITY STRUCTURE
Our focus has been and continues to be on preserving cash and
managing liquidity. In the quarter, net indebtedness decreased by
$(51.0) million to $21.6 million, resulting in a net debt leverage
of 0.1x.
The following occurred:
- Amended and extended our existing credit facility on
April 14, 2021 for total aggregate
bank facilities of $1.3 billion, with
a maturity date of April 14, 2024,
maintaining a three-year tenor to our facility.
- S&P Global Ratings ("S&P") issued a research update on
April 14, 2021 whereby it revised the
Company's outlook to stable, raised the issuer credit rating to
'B', and raised the rating of the Company's senior unsecured notes
to 'B'.
- Issued an additional $125 million
add-on on April 15, 2021 to our
existing 8.75% senior unsecured notes, due February 11, 2025. The add-on offering was
completed at a premium to par, resulting in a yield of 5.595%.
- On August 9, 2021, the Company
completed the acquisition of Mark
Wilson's Better Used Cars, an independent used vehicle
dealership in Guelph, Ontario as
part of the development of the Used Digital Retail Division.
Second Quarter Financial Information
The following
table summarizes the Company's performance for the quarter:
|
|
|
Three Months Ended
June 30
|
Consolidated
Operational Data
|
2021
|
2020
|
%
Change
|
Revenue
|
1,281,055
|
727,447
|
76.1%
|
Gross
profit
|
217,841
|
97,879
|
122.6%
|
Gross profit
%
|
17.0%
|
13.5%
|
3.5%
|
Operating
expenses
|
154,773
|
99,736
|
55.2%
|
Operating profit
(loss)
|
66,153
|
(4,388)
|
1607.6%
|
Net income (loss) for
the period
|
37,698
|
(20,052)
|
288.0%
|
Basic net income
(loss) per share attributable to AutoCanada shareholders
|
1.33
|
(0.72)
|
284.7%
|
Diluted net income
(loss) per share attributable to AutoCanada shareholders
|
1.23
|
(0.72)
|
270.8%
|
Adjusted EBITDA
1
|
70,491
|
4,828
|
1360.0%
|
|
|
|
|
New retail vehicles
sold (units)
|
10,107
|
7,526
|
34.3%
|
New fleet vehicles
sold (units)
|
575
|
340
|
69.1%
|
Total new vehicles
sold (units)
|
10,682
|
7,866
|
35.8%
|
Used retail vehicles
sold (units)
|
13,271
|
7,228
|
83.6%
|
Total vehicles
sold
|
23,953
|
15,094
|
58.7%
|
Same store new retail
vehicles sold (units)
|
7,763
|
6,518
|
19.1%
|
Same store new fleet
vehicles sold (units)
|
575
|
337
|
70.6%
|
Same store used retail
vehicles sold (units)
|
10,599
|
6,553
|
61.7%
|
Same store total
vehicles sold
|
18,937
|
13,408
|
41.2%
|
Same store
revenue
|
971,184
|
629,637
|
54.2%
|
Same store gross
profit
|
177,439
|
87,613
|
102.5%
|
Same store gross
profit %
|
18.3%
|
13.9%
|
4.4%
|
See the Company's
Management's Discussion and Analysis for the quarter ended
June 30, 2021 for complete footnote
disclosures.
|
The following table shows the segmented operating results for
the Company for the three month periods ended June 30, 2021
and June 30, 2020.
|
Three Months Ended
June 30,
2021
|
|
Three Months Ended
June 30,
2020
|
|
Canada
$
|
U.S.
$
|
Total
$
|
|
Canada
$
|
U.S.
$
|
Total
$
|
New
vehicles
|
443,648
|
90,504
|
534,152
|
|
337,999
|
43,428
|
381,427
|
Used
vehicles
|
477,222
|
76,667
|
553,889
|
|
200,088
|
14,944
|
215,032
|
Parts, service and
collision repair
|
107,571
|
14,651
|
122,222
|
|
80,493
|
9,924
|
90,417
|
Finance, insurance and
other
|
61,018
|
9,774
|
70,792
|
|
37,801
|
2,770
|
40,571
|
Total
revenue
|
1,089,459
|
191,596
|
1,281,055
|
|
656,381
|
71,066
|
727,447
|
New
vehicles
|
35,931
|
4,890
|
40,821
|
|
12,485
|
(1,851)
|
10,634
|
Used
vehicles
|
36,523
|
7,887
|
44,410
|
|
2,839
|
1,385
|
4,224
|
Parts, service and
collision repair
|
60,510
|
8,104
|
68,614
|
|
40,008
|
5,828
|
45,836
|
Finance, insurance and
other
|
54,981
|
9,015
|
63,996
|
|
34,534
|
2,651
|
37,185
|
Total gross
profit
|
187,945
|
29,896
|
217,841
|
|
89,866
|
8,013
|
97,879
|
Employee
costs
|
85,590
|
13,575
|
99,165
|
|
66,167
|
6,129
|
72,296
|
Government
assistance
|
(1,623)
|
(1,330)
|
(2,953)
|
|
(26,223)
|
—
|
(26,223)
|
Administrative
costs
|
39,460
|
8,306
|
47,766
|
|
37,237
|
5,409
|
42,646
|
Facility lease and
storage costs
|
381
|
—
|
381
|
|
648
|
—
|
648
|
Depreciation of
property and equipment
|
3,972
|
295
|
4,267
|
|
3,744
|
307
|
4,051
|
Depreciation of
right-of-use assets
|
5,519
|
628
|
6,147
|
|
5,682
|
636
|
6,318
|
Total operating
expenses
|
133,299
|
21,474
|
154,773
|
|
87,255
|
12,481
|
99,736
|
|
|
|
|
|
|
|
|
Operating profit
(loss) before other income
|
54,646
|
8,422
|
63,068
|
|
2,611
|
(4,468)
|
(1,857)
|
|
|
|
|
|
|
|
|
Operating
data
|
|
|
|
|
|
|
|
New retail vehicles
sold 1
|
7,763
|
2,344
|
10,107
|
|
6,518
|
1,008
|
7,526
|
New fleet vehicles
sold 1
|
575
|
—
|
575
|
|
337
|
3
|
340
|
Total new vehicles
sold 1
|
8,338
|
2,344
|
10,682
|
|
6,855
|
1,011
|
7,866
|
Used retail vehicles
sold 1
|
11,474
|
1,797
|
13,271
|
|
6,535
|
693
|
7,228
|
Total vehicles sold
1
|
19,812
|
4,141
|
23,953
|
|
13,390
|
1,704
|
15,094
|
# of service and
collision repair orders completed 1, 2
|
185,917
|
28,232
|
214,149
|
|
152,818
|
20,138
|
172,956
|
# of dealerships at
period end
|
50
|
17
|
67
|
|
50
|
13
|
63
|
# of service bays at
period end
|
902
|
196
|
1,098
|
|
867
|
177
|
1,044
|
See the Company's
Management's Discussion and Analysis for the quarter ended
June 30, 2021 for complete footnote
disclosures.
|
MD&A and Financial Statements
Information included in this press release is a summary of
results. It should be read in conjunction with AutoCanada's
Consolidated Financial Statements and Management's Discussion and
Analysis for the quarter ended June 30, 2021, which can be
found on the Company's website at www.autocan.ca or on
www.sedar.com.
Non-GAAP Measures
This press release contains certain financial measures that do
not have any standardized meaning prescribed by Canadian
GAAP. Therefore, these financial measures may not be
comparable to similar measures presented by other issuers.
Investors are cautioned these measures should not be construed as
an alternative to net earnings (loss) or to cash provided by (used
in) operating, investing, and financing activities determined in
accordance with Canadian GAAP, as indicators of our
performance. We provide these measures to assist investors in
determining our ability to generate earnings and cash provided by
(used in) operating activities and to provide additional
information on how these cash resources are used. The following
"Non-GAAP Measures" are defined in the quarterly MD&A: adjusted
EBITDA; normalized adjusted EBITDA; free cash flow; net
indebtedness, net indebtedness leverage ratio and lease adjusted
leverage ratio.
Conference Call
A conference call to discuss the results for the three months
ended June 30, 2021 will be held on August 12, 2021 at
9:00am Mountain (11:00am Eastern). To participate in the
conference call, please dial 1.888.664.6392 approximately 10
minutes prior to the call.
This conference call will also be webcast live over the internet
and can be accessed by all interested parties at the following
URL: https://investors.autocan.ca/investors/q22021-presentation/
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 66 franchised dealerships,
comprised of 27 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, Honda and Porsche branded vehicles.
Additionally, the Company's Canadian operations segment currently
operates two used vehicle dealerships supporting the Used Digital
Retail Division, and two stand-alone collision centres (within our
group of 17 collision centres). In 2020, our dealerships sold
approximately 66,000 vehicles and processed over 756,000 service
and collision repair orders in our 1,098 service bays generating
revenue in excess of $3 billion.
Additional information about AutoCanada Inc. is available
at www.sedar.com and the Company's website
at www.autocan.ca.
Forward Looking Statements
Certain statements contained in this press release are
forward-looking statements and information (collectively
"forward-looking statements", including "with respect to", "among
other things", "future performance", "expense reductions" and the
"Go Forward Plan"), 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.sedar.com) 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.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.