- Revenue was $1,017.1 million as
compared to $981.9 million in the
prior year, an increase of 3.6% and the first time the Company has
exceeded $1 billion in sales in a
single quarter
- Adjusted EBITDA was $61.1 million
versus $32.5 million in the prior
year, an increase of 87.9%; Adjusted EBITDA Pre-IFRS 16 was
$50.2 million versus $23.0 million, an increase of 118.5%
- Adjusted EBITDA margin of 6.0% versus 3.3% in the prior year,
an increase of 2.7 percentage points
- Outperformed the Canadian new retail vehicle market for the
seventh consecutive quarter with same store new retail unit sales
increasing 3.4% compared to the Canadian market decrease of (4.3)%
as reported by DesRosiers Automotive Consultants
- Canadian used to new retail units ratio increased to 0.86 from
0.72 last year and the trailing twelve month ratio improved to 0.93
at Q3 2020 as compared to 0.74 at Q3 2019
- Net indebtedness decreased by $42.8
million from $124.2 million at
the end of Q2 2020 to $81.4 million
at the end of Q3 2020
- Free cash flow of $53.4 million
in the quarter compares to $54.8
million in the prior year; free cash flow on a trailing
twelve month basis of $178.0 million
at Q3 2020 compares to $29.2 million
in Q3 2019
EDMONTON, AB, Nov. 12, 2020 /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 September 30,
2020.
"We achieved a record-setting quarter as the actions and
measures taken earlier in the year to strengthen the business model
and position the Company for top-decile operating performance were
evidenced in these results. Strong used vehicles sales combined
with record gross profit levels, continued sequential improvements
in new vehicle sales and our actions to manage and reduce costs
were key drivers of our performance," said Paul Antony, Executive Chairman of AutoCanada.
"Strengthening the foundation of AutoCanada with a strong balance
sheet and consistently outperforming the market allows us to pivot
and pursue an acquisition and innovation strategy.
"We continued to advance our pipeline of strategic acquisition
opportunities that optimize our brand and geographic
diversification as demonstrated by our recent acquisitions of Auto
Bugatti, a BMW MINI certified collision centre located in
Montreal, and Autohaus Peoria, a
luxury dealership in Peoria, IL,
with four franchises: Porsche, Audi, Mercedes-Benz and Volkswagen.
Autohaus Peoria further bolsters our presence in southern
Illinois and is highly
complementary to the Company's existing operations in Bloomington, IL as both dealers are in close
proximity of each other and serve similar luxury-brand communities.
More significantly, Autohaus Peoria represents the first Porsche
dealership under AutoCanada management and we look forward to
further developing our relationship with Porsche.
"We also continue to develop our Digital Retail Initiative to
drive used vehicles sales through omni-channel and completely
online. We believe this strategy will be a foundational business
driver for years to come and another example of AutoCanada
leadership in the markets we serve.
"We're confident that with our nimble and proactive focus we
will continue to drive industry-leading performance in any
environment, and that our complete business model, our balance
sheet and our team position us for strength and resilience as the
economy recovers."
2020 Third Quarter Key Highlights and Recent
Developments
All comparisons presented below are between the three-month
period ended September 30, 2020 and the three-month period
ended September 30, 2019, unless
otherwise indicated.
For the first time in the Company's history, revenue exceeded
$1 billion in a standalone quarter
while gross profit also reached a record high of $179.4 million. Of the gross profit increase of
$28.7 million, ahead of prior year by
19.0%, used vehicles contributed $18.1
million; gross profit margin on used vehicles increased to
9.6% as compared to 4.5% in the prior year. Actions taken to manage
and reduce costs translated to operating expenses as a percent of
gross profit dropping to 70.1%, a significant improvement versus
the 82.8% reported in the prior year. Captured within operating
expenses is $6.3 million in
Canada Emergency Wage Subsidy
("CEWS") which served to reduce personnel expenses reported in the
quarter; excluding CEWS, operating expenses as a percent of gross
profit decreases to 73.6%.
We outperformed the Canadian new vehicle retail market for the
seventh consecutive quarter and delivered the eighth consecutive
quarter of year-over-year improvement in our used to new retail
units ratio. Furthermore, we increased our same store finance and
insurance gross profit by 14.9% and our same store finance and
insurance gross profit per unit by 3.0% which is the ninth
consecutive quarter of year-over-year growth. Net indebtedness was
reduced by another $42.8 million from
June 30, 2020 and by $120.9 million compared to September 30, 2019. Free cash flow on a trailing
twelve month ("TTM") basis was $178.0
million at Q3 2020 as compared to $29.2 million in Q3 2019. Additionally, our net
indebtedness leverage ratio improved to 1.6x at the end of Q3
2020.
Strong revenue and gross profit performance combined with a
much-improved cost profile led to the Company generating Adjusted
EBITDA of $61.1 million, a record
high and an improvement of 87.9% compared to the $32.5 million posted in Q3 2019. Excluding
$6.3 million in CEWS recognized in
the quarter, normalized Adjusted EBITDA moves to $54.8 million, an increase of 68.7% versus the
prior year.
In the U.S., the path toward profitability continued as
previously implemented cost control measures and improvements to
the business positioned the platform to benefit from the market
turnaround as government restrictions were lifted. This translated
to third quarter Adjusted EBITDA of $4.7
million, an increase of $3.2
million from 2019 and the fifth consecutive quarter of
year-over-year improvement of normalized Adjusted EBITDA. The
previously implemented cost control measures contributed to this
$3.2 million increase in the form of
a decrease of (22.2) percentage points ("ppts") in operating
expenses as a percentage of gross profit as compared to the prior
year.
The strategic initiatives introduced during Q2 2020 in response
to COVID-19 focused on mitigating losses, managing inventory,
reducing costs and preserving liquidity and were undertaken with
the goal of ensuring the Company entered Q3 2020 well-positioned to
deliver exceptional operating performance. The successful execution
of this strategy coupled with a strong recovery in motor vehicle
sales across North America
provided the opportunity for the Company's complete business model
- embodied by the Go Forward Plan - to demonstrate its capabilities
and produce strong results across all operational segments.
Looking ahead, there are still high levels of market uncertainty
due to COVID-19 and other macro market conditions. We have taken
our learnings from this situation to re-evaluate and adapt our
business to drive industry-leading performance. We are confident
that we will be a top decile performer in any environment. With our
complete business model, our strong balance sheet and our team, we
are well positioned to emerge from this pandemic even stronger.
Consolidated AutoCanada Highlights
RECORD SETTING THIRD QUARTER
As a result of the continued execution of various initiatives
and elements of our complete business model, along with the actions
taken in the second quarter, and the considerable improvement in
market outlook and demand during Q3 2020, AutoCanada delivered a
record setting third quarter.
For the three-month period ended September 30, 2020:
- Revenue was $1,017.1 million, an
increase of $35.2 million or
3.6%
- Total vehicles sold were 20,168, an increase of 516 units or
2.6%
- Net income (loss) for the period was $36.0 million (or $1.23 per diluted share) versus $(4.1) million (or $(0.15) per diluted share)
- Adjusted EBITDA increased by 87.9% to $61.1 million, an increase of $28.6 million
-
- CEWS of $6.3 million was recorded
in the quarter
- Excluding CEWS, normalized Adjusted EBITDA improves to
$54.8 million as compared to
$32.5 million in the prior year, an
increase of 68.7%
- Ending net indebtedness of $81.4
million reflected an improvement of $42.8 million from the end of Q2 2020
Canadian Operations Highlights
OUTPERFORMED CANADIAN NEW RETAIL MARKET FOR
SEVENTH CONSECUTIVE QUARTER
Management continued to execute its complete business model
during the quarter. For the seventh consecutive quarter, we
outperformed the Canadian market, as same store new retail unit
sales increased by 3.4% as compared to the market decrease of
(4.3)%, for brands represented by AutoCanada, as reported by
DesRosiers Automotive Consultants. Our used vehicle segment was a
key driver of the success in Q3 2020. Same store used vehicle gross
profit percentage increased to 9.9% as compared to 5.4% in the
prior year. Our used to new retail units ratio increased to 0.86
from 0.72 in the prior year, the eighth consecutive quarter of
year-over-year improvement and our trailing twelve month used to
new retail units ratio improved to 0.93 at Q3 2020 as compared
to 0.74 at Q3 2019.
For the three-month period ended September 30, 2020:
- Revenue was $912.1 million, an
increase of 4.7%
- Total retail vehicles sold were 17,264, an increase of 2,009
units or 13.2%
-
- Used retail unit sales increased by 24.9%
- Used to new retail units ratio increased to 0.86 from 0.72
-
- Trailing twelve month ratio improved to 0.93 at Q3 2020 as
compared to 0.74 at Q3 2019
- Finance and insurance gross profit per retail unit average
increased to $2,593, up 5.6% or
$137 per unit
- Net income for the period was $34.3
million, up 220.3% from a net income of $10.7 million in 2019
- Adjusted EBITDA increased 82.1% to $56.3
million, an increase of $25.4
million
- CEWS of $6.3 million was recorded
in the quarter
- Excluding CEWS, normalized Adjusted EBITDA improves to
$50.1 million as compared to
$30.9 million in the prior year, an
increase of 61.9%
U.S. Operations Highlights
ADJUSTED EBITDA OF $4.7
MILLION
Continued focus on cost management and profitability along with
the easing of government restrictions imposed during Q2 2020, and
strong market demand contributed to improved results for the U.S.
platform. The comparative period includes two franchises
which ceased operations on November 11,
2019.
- Revenue was $105.1 million, a
decrease of (5.1)%
-
- Excluding the ceased operations, revenue increased by 1.5% as
compared to normalized Q3 2019 revenue of $103.5 million
- Retail unit sales decreased to 2,322 units, down (226) units or
(8.9)%
-
- Excluding the ceased operations, retail unit sales decreased by
(5.0)% as compared to normalized Q3 2019 retail unit sales of 2,445
units
- Net income (loss) for the period was $1.7 million, an increase of 111.2% from
$(14.8) million in 2019
- Adjusted EBITDA was $4.7 million,
an increase of $3.2 million from
2019
Same Store Metrics
SAME STORE USED RETAIL UNIT SALES GROWTH OF
22.8%
Total same store new and used retail unit sales for Canadian
Operations increased by 11.5% to 16,235 units; new retail
units increased by 3.4% and used retail units increased by 22.8%.
The increase of new retail units by 3.4% outperformed the market
decrease of (4.3)% in the Canadian new vehicle market for the
brands represented by AutoCanada, as reported by DesRosiers
Automotive Consultants.
The continued optimization of the Company's complete business
model is highlighted by the year-over-year improvement in gross
profit across each individual business segment which collectively
totaled $21.8 million, or 17.1%.
All same store metrics include only Canadian dealerships which
have been owned for at least two full years since acquisition.
- Revenue decreased to $819.9
million, a decrease of (1.1)%
-
- Excluding decline of $(53.8)
million of fleet revenue, revenue increased by 5.9%
- Gross profit increased by $21.8
million or 17.1%
- Used to new retail units ratio increased to 0.86 from 0.72
-
- New and used retail unit sales increased by 11.5% to 16,235
units
-
- Used retail unit sales increased by 22.8%
- Finance and insurance gross profit per retail unit average
increased to $2,521, up 3.0% or
$74 per unit; gross profit increased
to $40.9 million as compared to
$35.6 million in the prior year, an
increase of 14.9%
- Parts, service and collision repair gross profit increased to
$49.7 million, an increase of
0.7%
Financing and Investing Activities and Other Recent
Developments
NET INDEBTEDNESS DECREASED BY $42.8 MILLION TO $81.4
MILLION
Our immediate focus has been and continues to be on preserving
cash and managing liquidity.
As at September 30, 2020, based on cash and cash
equivalents and availability on our Credit Facility, our liquidity
was $220.7 million. In the quarter,
net indebtedness was reduced by $42.8
million to $81.4 million.
COVID-19 Response
Actions Taken in Response to COVID-19
Since the outset of COVID-19, the Company has carefully followed
the most current direction of government and related health
agencies in our policies and procedures across our operations. To
that end, we continue to implement stringent operating practices to
ensure personal protection, cleanliness, distancing, overall
employee and customer safety, work from home protocols wherever
possible, halting all non-essential travel, and following
established guidelines.
The Company continues to monitor local government orders
regarding business operations to ensure that our operations comply
with all applicable restrictions.
Across all our operations, AutoCanada will continue to safely
support customers with their vehicle servicing and purchasing
requirements, and customers are encouraged to contact their local
dealership as needed.
Combined with the measures taken as identified below, and the
Company's comprehensive business model, management believes the
Company to be well-positioned to operate within the COVID-19
environment. We continue to be mindful of the potential impacts of
COVID-19 over the coming months.
Financial Resilience Measures Taken
Our main priorities continue to be the management of our
inventory and cash and to ensure we remain adaptable and resilient
through the coming quarters. The Company has taken measures to
enhance financial resilience in response to the evolving market
conditions due to COVID-19. These measures are designed to address
immediate challenges, while reinforcing the balance sheet to ensure
we are well-prepared to respond to market conditions given the
pandemic is expected to continue for an unknown period of time.
|
|
Measures
Taken
|
Impact of Measures
Taken
|
Amended Credit
Facility
|
•
|
Staged covenant
relief thresholds for the Total and Senior Net Funded Debt to Bank
EBITDA and Fixed
Charge Coverage Ratios through to Q2 2021
|
Employee Reductions
and
Compensation
|
•
|
At the peak of the
COVID-19 situation, the Company had reduced its workforce by
approximately
1,700, or 40%
|
•
|
Adjusted pay plans to
further bias to variable cost structure
|
Discretionary Vendor
and
Landlord Expenses
|
•
|
Deferred, reduced, or
eliminated most discretionary and non-essential operational and
administrative
spending
|
•
|
Worked with several
vendors and landlords to reduce costs through this period and/or
defer payments
on goods, services, and rent through to the end of Q3
2020
|
Reduced Capital
Expenditures
|
•
|
At the onset of the
pandemic, in order to delay all non-essential spending and retain
cash, we reduced
our capital spending forecast for the year from the approximate $29
million two year average
|
•
|
As our liquidity
improved, with the increase in operating levels through Q2 and Q3,
our current capital
expenditure levels have returned to normalized levels. We remain in
active communication with
OEM's to manage spending and capital commitments where
possible
|
Suspension of
Dividend
|
•
|
Suspension represents
approximately $11 million in annualized cash savings; approximately
$8 million
for 2020
|
Non-Core Asset
Portfolio
|
•
|
Since the start of
the year, we have reduced non-core assets from $14.2 million to
$1.0 million
|
•
|
Realized proceeds of
$8.1 million in Q3 2020 with the sale of three properties and
year-to-date
proceeds of $9.2 million
|
•
|
Reclassified $5.4
million land asset out of held for sale into property and equipment
in Q3 2020
|
Government Program
and
Subsidies
|
•
|
CEWS provided a total
of $32.5 million in income for the 28 week period from March 15 to
September
26, 2020
|
•
|
Recognized income of
$26.2 million in Q2 2020 and $6.3 million in Q3 2020
|
•
|
Will assess
eligibility for the remaining period of the program (September 27,
2020 to June 2021) in
accordance with relevant program requirements
|
•
|
U.S. dealerships
received a loan of $5.4 million (USD) in Q2 2020 under the Paycheck
Protection
Program implemented by the Small Business Administration, with
opportunity for forgiveness; to date,
the loan has not been recognized into income
|
Hedging
Actions
|
•
|
Restructured nearly
half of interest rate swap portfolio in the first half of the year,
to drive
approximately $2.2 million in annual cash savings
|
COVID-19 Operating Impacts to Business Objectives and
Strategy
Our business model continues to operate well, and we have gained
traction from the success of the Go Forward Plan initiatives to
manage impacts from COVID-19. We have created a detailed plan to
ensure we successfully weather the pandemic, while also improving
and strengthening our business model to best address changing
market conditions. This includes actively managing headcount,
continued focus on used retail sales, leveraging our Business
Development Centre ("BDC") to drive parts and service, and ensuring
pay plan programs align with changing market conditions to drive
greater consistency across platforms and better alignment with
operating targets.
Management is actively assessing what the "new normal" will be.
We will continue to respond according to market conditions as they
evolve.
The Company intends to emerge from this unprecedented period of
time as a stronger and more efficient operating entity.
Third Quarter Financial Information
The following
table summarizes the Company's performance for the quarter:
|
Three Months Ended
September 30
|
Consolidated
Operational Data
|
2020
|
2019
|
%
Change
|
Revenue
|
1,017,100
|
981,870
|
3.6%
|
Gross
profit
|
179,412
|
150,754
|
19.0%
|
Gross profit
%
|
17.6%
|
15.4%
|
2.2%
|
Operating
expenses
|
125,785
|
124,772
|
0.8%
|
Operating (loss)
profit
|
56,884
|
16,695
|
240.7%
|
Profit (loss) for the
period
|
35,962
|
(4,104)
|
976.3%
|
Basic earnings (loss)
per share attributable to AutoCanada shareholders
|
1.29
|
(0.15)
|
960.0%
|
Adjusted EBITDA
1
|
61,054
|
32,489
|
87.9%
|
|
|
|
|
New retail vehicles
sold (units)
|
10,750
|
10,419
|
3.2%
|
New fleet vehicles
sold (units)
|
582
|
1,849
|
(68.5)%
|
Total new vehicles
sold (units)
|
11,332
|
12,268
|
(7.6)%
|
Used retail vehicles
sold (units)
|
8,836
|
7,384
|
19.7%
|
Total vehicles
sold
|
20,168
|
19,652
|
2.6%
|
Same store new retail
vehicles sold (units)
|
8,726
|
8,443
|
3.4%
|
Same store new fleet
vehicles sold (units)
|
542
|
1,780
|
(69.6)%
|
Same store used retail
vehicles sold (units)
|
7,509
|
6,114
|
22.8%
|
Same store total
vehicles sold
|
16,777
|
16,337
|
2.7%
|
Same store
revenue
|
819,895
|
829,158
|
(1.1)%
|
Same store gross
profit
|
148,976
|
127,194
|
17.1%
|
Same store gross
profit %
|
18.2%
|
15.3%
|
2.9%
|
See the Company's
Management's Discussion and Analysis for the quarter ended
September 30, 2020 for complete footnote
disclosures.
|
The following table shows the segmented operating results for
the Company for the three month periods ended September 30,
2020 and September 30, 2019.
|
Three Months Ended
September 30, 2020
|
|
Three Months Ended
September 30, 2019
|
|
Canada
$
|
U.S.
$
|
Total
$
|
|
Canada
$
|
U.S.
$
|
Total
$
|
New
vehicles
|
483,117
|
61,298
|
544,415
|
|
492,149
|
63,694
|
555,843
|
Used
vehicles
|
282,396
|
26,797
|
309,193
|
|
235,955
|
26,342
|
262,297
|
Parts, service and
collision repair
|
98,539
|
13,200
|
111,739
|
|
101,189
|
15,250
|
116,439
|
Finance, insurance and
other
|
47,998
|
3,755
|
51,753
|
|
41,885
|
5,406
|
47,291
|
Total
revenue
|
912,050
|
105,050
|
1,017,100
|
|
871,178
|
110,692
|
981,870
|
New
vehicles
|
38,639
|
3,591
|
42,230
|
|
35,035
|
1,720
|
36,755
|
Used
vehicles
|
26,444
|
3,375
|
29,819
|
|
9,690
|
2,041
|
11,731
|
Parts, service and
collision repair
|
51,553
|
7,503
|
59,056
|
|
52,150
|
7,491
|
59,641
|
Finance, insurance and
other
|
44,769
|
3,538
|
48,307
|
|
37,468
|
5,159
|
42,627
|
Total gross
profit
|
161,405
|
18,007
|
179,412
|
|
134,343
|
16,411
|
150,754
|
Employee
costs
|
73,760
|
7,340
|
81,100
|
|
65,478
|
8,934
|
74,412
|
Government
assistance
|
(6,252)
|
—
|
(6,252)
|
|
—
|
—
|
—
|
Administrative
costs
|
34,971
|
5,282
|
40,253
|
|
33,568
|
5,621
|
39,189
|
Facility lease and
storage costs
|
377
|
—
|
377
|
|
60
|
508
|
568
|
Depreciation of
property and equipment
|
3,815
|
296
|
4,111
|
|
4,295
|
232
|
4,527
|
Depreciation of
right-of-use assets 2
|
5,710
|
486
|
6,196
|
|
5,518
|
558
|
6,076
|
Total operating
expenses
|
112,381
|
13,404
|
125,785
|
|
108,919
|
15,853
|
124,772
|
|
|
|
|
|
|
|
|
Operating profit
before other income
|
49,024
|
4,603
|
53,627
|
|
25,424
|
558
|
25,982
|
|
|
|
|
|
|
|
|
Operating
data
|
|
|
|
|
|
|
|
New retail vehicles
sold 1
|
9,270
|
1,480
|
10,750
|
|
8,857
|
1,562
|
10,419
|
New fleet vehicles
sold 1
|
582
|
—
|
582
|
|
1,815
|
34
|
1,849
|
Total new vehicles
sold 1
|
9,852
|
1,480
|
11,332
|
|
10,672
|
1,596
|
12,268
|
Used retail vehicles
sold 1
|
7,994
|
842
|
8,836
|
|
6,398
|
986
|
7,384
|
Total vehicles sold
1
|
17,846
|
2,322
|
20,168
|
|
17,070
|
2,582
|
19,652
|
# of service and
collision repair orders completed 1
|
160,069
|
27,170
|
187,239
|
|
186,384
|
32,139
|
218,523
|
# of dealerships at
period end
|
49
|
13
|
62
|
|
50
|
14
|
64
|
# of service bays at
period end
|
865
|
174
|
1,039
|
|
886
|
200
|
1,086
|
See the Company's
Management's Discussion and Analysis for the quarter ended
September 30, 2020 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 September 30, 2020, 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 annual MD&A: Adjusted
EBITDA; Free Cash Flow; Net Indebtedness and Lease Adjusted
Leverage Ratio.
Conference Call
A conference call to discuss the results for the three months
ended September 30, 2020 will be held on November 13,
2020 at 9:00am Mountain (11:00am Eastern). To participate in the
conference call, please dial 1.888.231.8191 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://www.autocan.ca/investors/q32020-presentation/
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 63 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.
In 2019, our dealerships sold approximately 71,000 vehicles and
processed approximately 900,000 service and collision repair orders
in our 1,047 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"), 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 of 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.