EDMONTON, AB, Dec. 20,
2022 /CNW/ - AutoCanada Inc. ("AutoCanada" or the
"Company") (TSX: ACQ), a multi-location North American automobile
dealership group, announced today that Azim
Lalani will be appointed as its new Chief Financial Officer,
effective in the first quarter of 2023. He will be based at
the Company's Edmonton
headquarters.
Azim has over 25 years of financial experience and has held
senior management roles in several public and private real estate
and operating companies with responsibility for financial
reporting, treasury, corporate finance, taxation, investor
relations and risk management. He joins AutoCanada from a
real estate development and management company, where he has served
as Senior Vice President, Finance and Accounting. Previously,
Azim was the Chief Financial Officer of American Hotel Income
Properties REIT LP (TSX: HOT.UN), where he oversaw the REIT's
growth from an enterprise value of US$350
million to over US$1.1 billion
with a diversified portfolio of franchised hotels located across
the United States.
Azim is currently Co-Vice Chair of the Board of Governors and
Chair of the Finance Committee at the University of British
Columbia. He is also a Corporate Director with UBC Investment
Management Trust and the Chair of the Audit Committee of the Family
Services of the North Shore.
Azim is a CPA (CA) and CBV, and started his career with KPMG LLP
in Vancouver.
"We are very excited to welcome Azim as our new CFO," said
Paul Antony, Executive Chair of the
Company. "His extensive experience and proven track record
make him a valuable addition to our team as we continue to optimize
our platform and pursue growth opportunities."
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 82 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, com 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 three used vehicle dealerships and one used
vehicle auction business supporting the Used Digital Retail
Division, 11 RightRide division locations, and nine stand-alone
collision centres within our group of 24 collision centres. In
2021, our dealerships sold approximately 86,000 vehicles and
processed over 800,000 service and collision repair orders in our
1,303 service bays generating revenue in excess of $4 billion.
Additional information about AutoCanada is available at
www.autocan.ca and www.sedar.com.
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" and similar
expressions) are not historical facts and are forward looking. In
particular, this press release contains forward-looking statements
with respect to, among other things, the timing of appointment of
the Chief Financial Officer.
The forward-looking statements included in this press release
are not guarantees of future performance and should not be unduly
relied upon. Readers are cautioned that forward-looking statements
are based on current expectations, estimates and projections that,
by their nature, forward-looking statements involve a number of
known and unknown risks and uncertainties, which could cause actual
results to differ materially from those anticipated and described
in the forward-looking statements. These known and unknown risks
and uncertainties include, but are not limited to: future operating
results, the impact of the COVID-19 pandemic on our operations,
financial condition and liquidity and the duration of such impacts;
potential changes in the regulatory and legislative environment;
volatility in interest and tax rates; operating risks inherent in
the automotive retail industry; and changes in general economic
conditions including the capital and credit markets all of which
may affect the forward looking statements.
Forward-looking statements 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,
actual results or outcomes may differ materially from those
expressed in the forward-looking statements.
AutoCanada cautions that the foregoing list of assumptions,
risks and uncertainties is not exhaustive. 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. The forward-looking statements
contained in this press release speak only as of the date hereof
and AutoCanada assumes no obligation to publicly update or revise
them to reflect new events or circumstances, except as may be
required pursuant to applicable securities laws.
SOURCE AutoCanada Inc.