#1AUTOCANADA INVESTOR PRESENTATION MAY 2021 AutoCanada#2Forward-Looking Statements Forward-Looking Statement Certain information contained in this presentation is forward-looking information within the meaning of applicable Canadian securities legislation. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on current belief or assumptions of AutoCanada Inc. ("AutoCanada" or the "Company") as to the outcome and timing of such future events. In particular, forward-looking statements in this presentation include, but are not limited to, references to: the operations and performance of the Company; the Company's milestones, key priorities and future intentions and results of the Go Forward Plan; the financial results and financial condition of the Company; the Company's future sales revenue and profitability; the Company's general strategic and growth strategies, including with respect to the Used Digital Retail Strategy; the market and expected developments in the retail automotive industry; and the potential continued impacts of the coronavirus (COVID-19) pandemic on the Company's business operations. Although the Company believes that the expectations reflected by the forward-looking statements presented in this presentation are reasonable, these statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Actual future results may differ materially. The annual information form for the year ended December 31, 2020 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Non-GAAP Measures This presentation contains certain financial measures that do not have any standardized meaning prescribed by Canadian generally accepted accounting principles ("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 the Company's performance. The Company provides these measures to assist investors in determining its 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 Company's annual MD&A: Adjusted EBITDA, Free Cash Flow and Net Indebtedness. AutoCanada 2#3WHO WE ARE BMW Laval#4AutoCanada Overview A Leading North American Multi-Location Automobile Dealership Group AutoCanada • One of Canada's largest multi-location . automobile dealership groups with ~4,000 employees Only publicly listed auto dealership group in Canada (TSX:ACQ) • Attractive mix of luxury, domestic, and import brands Geographically diversified across 8 provinces in Canada and a group in Illinois, U.S. • Five inter-related business operations: New Vehicle Sales Used Vehicle Sales Parts and Service 49 At a Glance¹ 17 Franchises in Illinois, U.S. Franchises in Canada 27 Automotive Brands 754K Service & collision repair orders 38K New vehicles sold 33K Used vehicles sold +19% YoY $3.6B Revenue $154M Adjusted EBITDA О Collision Repair O Finance & Insurance (F&I) 1For TTM Q1 2021 AutoCanada 4#5Investment Highlights Large and Highly Fragmented Canadian Market with Significant Consolidation Opportunities 188 Resilient Business Model Accelerated Growth Through Complete Business Model Significant Organic Growth Opportunities Experienced Leadership Team Strong Stewards of Capital First Mover Advantage with Canadian Digital Retail Platform AutoCanada 5#6Attractive Canadian Market 3,359 Dealerships in Canada NEW VEHICLE MARKET AutoCanada 2% Other Dealers 98% $244 BILLION + MARKET 1.6 Million New Vehicles 3.0 Million Used Vehicles USED VEHICLE MARKET SHARE Used Car Dealers 33% Franchised New Car Dealers 44% Private Parties 21% Source: DesRosiers Automotive Consultants AutoCanada 2% AutoCanada 6#7Stable Canadian Automotive Markets Resilient Business Model Historically Stable Growing New and Used Retail Vehicle Sales in Canada¹ ($M) Total Canadian Vehicle Sales (Millions of Units) 00'-19' Total Canadian Vehicle Sales CAGR: 2.0% 28.2 188 17.1 4.8 5.0 5.1 5.1 4.9 4.3 4.3 4.3 4.4 4.5 4.5 4.5 4.5 4.6 4.5 3.6 3.6 3.8 3.8 3.9 3.9 4.0 T I T T 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21F New Sales Used Sales • • Consumers continue to buy more vehicles every year, further supporting our continued growth Overall Canadian market CAGR for vehicle sales has grown steadily by 2.0% from 2000 to 2019 (1.0% CAGR from 2000 to 2020 due to the impact of COVID-19 in 2020) • • 1Source: Des Rosiers Automotive Consultants Units in Operation Increase in first-time buyers supports increasing used vehicle sales Market forecast for Canadian light vehicles sales in 2021 is expected to increase by 19.7% to 1.9 million (uncertainty however remains with near- term and long-term impacts of COVID-19) AutoCanada 7#8Revenue Diversity Across Brands and Geographies Resilient Business Model % of AutoCanada Revenue by Region 1 BC 13.9% AB 27.1% (excl. Calgary) CALGARY 9.5% SK 6.6% MB 7.8% 188 AUTOCANADA CANADIAN NEW VEHICLE MIX Segment Segment % Brand Brand Revenue % Hyundai 7% Nissan 4% ON 8.3% QC 10.8% Import 24% Infiniti 1% Mazda 1% Subaru 1% Volkswagen 6% ATL FCA 49% 4.5% Domestic 59% Ford 3% GM 9% Mercedes 6% Luxury 17% BMW/MINI 11% Audi 2% IL 11.5% 1 TTM as of March 31, 2021 AutoCanada 8#9Dealership Locations and Brands Resilient Business Model 1088 AutoCanada Owns Some of the Best Performing Dealerships in Canada British Columbia Abbotsford Volkswagen Chilliwack Volkswagen Island GM Maple Ridge Chrysler Maple Ridge Volkswagen Northland Dodge Northland Hyundai Northland Nissan Okanagan Dodge Alberta Airdrie Dodge Capital Jeep Dodge Courtesy Chrysler Crosstown Auto Centre Crowfoot Hyundai Saskatchewan Dodge City Auto Mann-Northway Bridges GM Fish Creek Nissan Grande Prairie Chrysler Grande Prairie Hyundai Grande Prairie Nissan Grande Prairie Subaru Saskatoon Motor Products Manitoba Grande Prairie Volkswagen Hyatt Infiniti Mercedes-Benz Heritage Valley Northland Volkswagen Parkland Dodge Audi Winnipeg Eastern Chrysler McNaught Cadillac St. James Volkswagen Ontario Ponoka Chrysler Sherwood Park Hyundai Sherwood Park Volkswagen Tower Chrysler 401 Dixie Hyundai 417 Nissan Cambridge Hyundai Guelph Hyundai Hunt Club Nissan Rose City Ford Wellington Motors Québec BMW / MINI Montreal BMW / MINI Laval Mercedes-Benz Rive-Sud Planète Mazda Dealership Awards¹ Dealership BMW Laval MAPLE RIDGE CHRYSLER JEEP DODGE Award #1 BMW Dealership in Canada for Q2 #1 FCA Dealership in Western Canada MAPLE RIDGE VOLKSWAGEN #1 in BC for New and Certified Pre-Owned 1As of December 31, 2020 GRANDE PRAIRIE CHRYSLER JEEP DODGE #1 FCA Dealership in Region New Brunswick Moncton Chrysler Nova Scotia Dartmouth Dodge MONCTON CHRYSLER JEEP DODGE #1 FCA Dealership in Atlantic Canada Illinois Autohaus of Peoria Bloomington/Normal Auto Mall Chevrolet of Palatine Hyundai of Lincolnwood Hyundai of Palatine Kia of Lincolnwood North City Honda Toyota of Lincoln Park Toyota of Lincolnwood CROSSTOWN CHRYSLER DODGE JEEP RAM #1 FCA Dealership in Alberta DODGE CITY CHRYSLER DODGE JEEP RAM #1 FCA Dealership in Saskatchewan HUNT CLUB NISSAN #1 Nissan Dealership in Ottawa AutoCanada 9#10Profitable Product Mix & Diverse Earnings Streams Provide Stability Resilient Business Model New Used PS&CR F&I 6% 17% 11% 83% 31% 188 37% 66% Go Forward initiatives 35% focused on higher margin segments 14% 46% 34% REVENUE1 20% GROSS PROFIT1 ~20% of our revenue drives ~70% of gross profit 1 As at Q1 2021 AutoCanada 10#11Drive Growth Through Optimization of Finance & Insurance Significant Organic Growth Opportunities Dedicated F&I team with in-house training team to educate dealership network on standardized product portfolio and sales process Ten consecutive quarters of year-over-year growth in Same Store F&I Gross Profit / Retail Unit 32 32 Same Store F&I Gross Profit ($M) ] 46 41 36 36 33 31 29 F&I Gross Margins +93% Q2 Q3 Q4 2019 2020 2021 Q1 Same Store F&I Gross Profit / Retail Unit ($ / Unit) +18% +3% +13% +15% 3,085 2,678 2,783 2,672 2,447 2,521 2,468 2,268 Q2 Q3 Q4 Q1 10 2019 2020 2021 OPPORTUNITY: Capture additional high margin F&I revenue through best in class operational performance AutoCanada 11#12• Service Bay Occupancy & Business Development Centre (BDC) Significant Organic Growth Opportunities • BDC is a call centre dedicated to handle all service work appointment bookings across our Canadian dealerships 52 52 Same Store Parts, Service & Collision Repair Gross Profit ($M) 49 50 Lil 50 50 48 44 PS&CR Gross Margins ~54% 38 88 Q2 Q3 Q4 Q1 2019 2020 2021 Same Store Parts, Service & Collision Repair Gross Profit Margin % Performance in 2020 impacted by COVID-19 51.2% 51.6% 53.6% 55.8% 54.6% 49.9% 50.3% 48.4% with less kilometers driven Q2 Q3 Q4 Q1 2019 2020 2021 OPPORTUNITY: Increase service bay occupancy across our dealership network to drive stability of revenues and strengthen gross margin AutoCanada 12#13Project 50 - Increasing Used Vehicles Sales Significant Organic Growth Opportunities • Additive to new vehicles to grow total unit sales • Large addressable used market in Canada • Drives incremental revenues in high margin business segments (F&I and PS&CR) Counter-cyclical and protects against recessionary environments 0.75 • 0.88 0.99 Used to New Retail Units Ratio (Quarterly on a Same Store basis and TTM on a Canadian basis) 0.93 0.95 0.91 0.86 0.85 0.72 1.01 1.19 1.08 Q2 2019 Q3 2020 2021 Q4 Q1 2020 TTM Canadian Used to New Retail Units Ratio Canadian market used to new retail unit ratio was 0.6 in 20201 OPPORTUNITY: 1Source: DesRosiers Automotive Consultants Drive significant upside potential in the used vehicle business ] AutoCanada 13#14. • • RightRide - Fueling Organic Growth Significant Organic Growth Opportunities Operate within 1 dealership and have opened 6 standalone locations as at Q1 2021 Ability to offer attractive financing products to credit-challenged customers No credit risk retained by AutoCanada • Geared to today's economy as well as in a declining economy ] Drives stability of revenues and adds to counter-cyclicality of business • Incremental benefits across multiple business segments Extension of Project 50 Right Ride AutoCanada TM OPPORTUNITY: Low capital investment to potentially capture significant growth opportunity within used vehicles AutoCanada 14#15Collision Centre Expansion Significant Organic Growth Opportunities • • • Currently operating 17 locations, predominantly within dealerships ] Collision centre operations add to stability of revenues, significant growth opportunity in a $6B market¹ Initiatives include: O Consolidation of existing centres under single dedicated leadership team 。 Alignment with OEM partners to provide OEM-certified repair services O O Utilization of management system and implementation of best practices AutoCanada COLLISION CENTRES 0 " Complimentary Repair Estimates Windshield & Glass Repair Paint Refinishing Interior & Exterior Details Dent Removal Valet & Car Rental OPPORTUNITY: 1 Source: IBISWorld Develop a growing, profitable and resilient business segment with longer-term opportunity to expand via acquisition AutoCanada 15#16Generated $145M of Free Cash Flow Increase of ~$40M TTM Compared to Prior Year PROVEN ABILITY TO REDUCE LEVERAGE ($M) Net Indebtedness ($ Millions), Net Indebtedness Leverage and Total Funded Net Debt Bank Leverage 5.6 3.7 5.2 3.3 3.2 3.2 2.6 124 Q2 2020 1.8 1.8 1.1 1.6 1.3 0.7 81 Q3 2020 90 Q4 2020 73 Q1 2021 Net Debt/AEBITDA Pre-IFRS 16 ― Total Funded Net Debt/Bank AEBITDA 272 202 158 170 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Net Indebtedness NET DEBT LEVERAGE Q1 2021 ($M) LA Floorplan 893.1 Long Term Debt 192.2 Cash on Hand (119.6) Net Debt Plus Floorplan 965.7 Less: Floorplan 893.1 Net Debt 72.6 Adjusted EBITDA1 (TTM) 111.5 Net Debt Leverage 0.7x AutoCanada 16 1Pre-IFRS 16#17Capital Allocation Strategy Strong Stewards of Capital AutoCanada capital allocation aligned with business strategy, growth opportunities and free cash flow profile . 1 Organic Growth / Internal Investment Growth capital • Maintenance capital CAPITAL ALLOCATION PRIORITIES 2 3 4 LA M&A/Strategic Partnerships Acquisitions Liability Management Return to Shareholders • Debt repayment Strategic investments • Increasing cash Dividends Share repurchases AutoCanada 17#18Well Positioned for Industry Consolidation Through Disciplined M&A Strategy Significant Consolidation Opportunities Acquisitions are a key part of capital allocation strategy Disciplined approach to evaluating acquisitions Meets internal return requirements Brand fit and diversification Geography Operational opportunities & potential synergies Go Forward Plan Initiatives better position AutoCanada as an industry consolidator Ability to layer initiatives onto future acquisitions to realize incremental value Strong balance sheet provides dry powder • • • Advance and actively assess strategic acquisition opportunities and develop a robust acquisition pipeline Employ a disciplined hurdle-return framework to price transactions Currently engaged with multiple potential targets in connection with potential acquisitions in excess of $150 million in transaction value At varying stages of the acquisition process Consistent with our previously stated intentions and strategy, these deals will add diversity by geography and OEM brands Majority of pipeline is represented by franchise dealerships located in Ontario, Canada Pipeline includes a mix of OEM brands that we currently operate and brands that we do not yet have Anticipate beginning to close on certain deals in Q2 2021, while also continuing to develop our acquisition pipeline as we move forward beyond these initial acquisition opportunities AutoCanada is the Acquirer of Choice AutoCanada 18#19New Management Team With Proven Track Record Driving Vision & Strategy Experienced Leadership Team Paul Antony Executive Chairman Joined May 2018 Assumed duties on Board of Directors and Executive Chair in 2018 Founder, CEO, and Chairman of CARPROOF Corporation, an auto data software company. Under Paul's leadership, CARPROOF was recognized by Deloitte as a Best Managed Organization for several consecutive years and awarded Fast 50 & 500 Fastest growing tech companies in Canada and North America Michael Rawluk President of Canadian Operations Joined June 2018 Execution of Go Forward Plan Previously Chief Operating Officer at Birchwood Automotive Group, responsible for day-to-day operations and long-term growth of the business Mike Borys Chief Financial Officer Joined August 2019 Focus on mandate to drive and coordinate both the strategic and tactical priorities of AutoCanada, including strengthening the balance sheet and improving financial flexibility Chartered accountant with over 20 years of experience as CFO for both public and private enterprises Previously serving as Chief Financial Officer at PTW Energy Services, Newalta, The Brick Group Income Fund, Famous Players, and at Tricon Canada (KFC, Pizza Hut, Taco Bell) Peter Hong Chief Strategy Officer & General Counsel, Joined August 2018 . Focus on strategic initiatives, M&A and governance matters Previously Senior Partner with Davies Ward Phillips & Vineberg LLP 20+ Years of Experience MAP INVEST CO CARPROOF 18 Years of Experience Birchwood AUTOMOTIVE GROUP 30+ Years of Experience PTW FAMOUS PLAYERS The BRICK NEWALTA 20+ Years of Experience DAVIES AutoCanada 19#20USED DIGITAL RETAIL STRATEGY SALES HALDIMAND MOTORS LTD#21COVID-19 Pandemic Accelerating Consumer Shift to Digital U.S. eCommerce penetration experienced 10 years' growth in 3 months Increased Focus on Car Ownership and eCommerce1 US eCommerce Penetration, % 10 years' growth in 3 months 35% 93% Using personal cars more often 30% 40% Considering buying a car 25% 20% 33% Moving faster to buy a car due to COVID-19 15% 10% 5% 0% H 2009 2011 2013 2015 2017 2019 Q1 2020 Open to Car Buying Online¹ 31% 62% Source: McKinsey: Bank of America: Forrester Analytics: ShawSpring Research; US Dept of Commerce - COVID-19 is driving the transition from offline-to- online at an accelerated rate across all industries - including automotive retail Pre COVID-19 After COVID-19 Pandemic Accelerated Trends - Consumers and Peers Increasingly Embracing Digital Vehicle Retail 1. Industry Research AutoCanada 21#22AutoCanada's Digital Evolution Begins with a Focus on the Stable Canadian Pre-Owned Vehicle Market Canadian Used Vehicle Market - Stable Through Economic Cycles¹ (units, 000's) 3000 2000 1000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sourcing Channels for Used Vehicles in Canada¹ 27% 32% ■Off-Lease / Off-Fleet Private Sales 41% ■Consumer Trade-In's Key Trends & Market Observations ✓ Share of private sales have steadily declined over the last four years (from -44% down to 41%) ✓ During the same time, off-lease/off-fleet has continued to grow (from 20% to 27%) New vehicle dealer groups have an advantage in acquiring off-lease / off-fleet vehicles pre-auction Digital Strategy Acts as Accelerant on Profitable Used Vehicle Base to Drive Incremental EBITDA 1. Source: Desrosiers Automotive Consultants, 2019 AutoCanada 22#23Used Digital Retail Initiative Embracing Secular Trends Leaning into Digital Retail Seamless Omni-Channel Experience (Fully Online to In-Store) Focus on the Canadian Pre-Owned Vehicle Market (Largest Segment of Market) AutoCanada's Used Digital Retail Strategy Build-out/Acquire Used Car Superstores to Build Foundation Draw on AutoCanada's Expertise across Canada Positioned to Benefit from a Significant First-Mover Advantage in Canada AutoCanada 23#24Used Digital Retail Strategy Highlights First-mover with significant structural advantage - scale, AutoCanada leadership and domain expertise Attractive market entry with low capital intensity Drive meaningful improvement beyond current ~1:1 Used to New ratio Attract consumers earlier in car buying lifecycle and serve them across all channels as preferred Experienced leadership - Paul Antony uniquely qualified in digital space with prior success of CARPROOF AutoCanada 24#25Crawl, Walk, Run – Disciplined Approach - . • First-mover with significant structural advantage - scale, AutoCanada leadership and domain expertise Attractive market entry with low capital intensity • Drive meaningful improvement beyond current ~1:1 Used to New ratio . Attract consumers earlier in car buying lifecycle and serve them across all channels as preferred RUN WALK CRAWL Timeline Core Activities 0-18 Months Focus on Canadian pre- owned vehicle market ✓ Build out / acquire used car superstores to establish network ✓ Key management hires 12-24 Months ✓ Build out digital platform overlay on the used vehicle dealerships ✓ Establish call centre solution Harden the foundation for full omni-channel 18-30 Months ✓ Focus on execution Build the brand Key Objectives ✓ Retail 20,000+ used vehicles per year ✓ Refine multi-channel economic model ✓ Complete omni- channel capabilities Self Funding Across All Three Phases AutoCanada 25#26In Conclusion - Key Takeaways 188 Strong progress on building a 'Complete' Business Model 。 Go Forward Plan initiatives taking hold, driving resiliency to deliver top-decile performance in any economic environment Strengthened balance sheet and capital structure supports ample liquidity to address any uncertainty with COVID pandemic We continue to outperform the market – 9 consecutive quarters of same store new retail unit sales performing well above the Canadian market1 Management pivoting from defense to offense Building acquisition pipeline 。 First mover advantage building out Digital Platform in Canada Proven leadership with track record of success 1Source: Des Rosiers Automotive Consultants AutoCanada 26#27Q1 2021 RESULTS DHYUND#28Q1 2021 Results Overview Record First Quarter Results - AEBITDA of $47.2 Million, Outpaces Prior Year by 723% • Revenue was highest first quarter revenue reported in Company's history • Outperformed the Canadian new retail vehicle market for the ninth consecutive quarter Canadian used to new retail unit ratio increased to 1.29 from 1.08 last year; TTM ratio improved to 1.01 at Q1 2021 Financing completed in April 2021 - Activates dry powder of -$250 million • • • Preserves 3-year tenor to Credit Facility; adds revolver capacity and flexibility Add on Debenture issued at premium to par - 5.595% S&P rating upgrade to Corporate B with Stable Outlook and Instrument rating to single B TTM AEBITDA of $111.5 million on a pre-IFRS 16 basis AutoCanada 28#29Q1 2021 Results Continued Record Setting First Quarter ($M, unless otherwise noted) Consolidated Revenue Gross Profit % Q1 2021 Q1 2020 Change 969.8 708.8 36.8% 17.3% 16.5% 0.7 ppts Adjusted EBITDA1 47.2 5.7 723.1% Adjusted EBITDA % 4.9% 0.8% 4.1 ppts Adjusted EBITDA Pre-IFRS 16 36.1 -4.4 912.9% Adjusted EBITDA Pre-IFRS 16 % 3.7% -0.6% 4.3 ppts Same Store Used to New Ratio Net Debt Net Debt / TTM Adj. EBITDA Free Cash Flow TTM 1.19 1.08 10.2% 73 170 -$97 0.7x 3.2x -2.5x 144.6 105.0 38% 1 Captured within first quarter Adjusted EBITDA of $47.2 million is CEWS income of $2.9 million, rent subsidy of $0.2 million and the forgiveness of $5.4 million of Paycheck Protection Program ("PPP") loans received at U.S. dealerships in Q2 2020. Excluding these typically non-recurring income items, normalized Adjusted EBITDA was $38.7 million for the quarter. AutoCanada 29#30Q1 2021 Results Continued • Canadian Operations Results For the ninth consecutive quarter, we outperformed the Canadian market as same store new retail unit sales increased by 29.8% as compared to the market increase of 15.2%¹ Canadian used to new retail unit ratio increased to 1.29 from 1.08 last year and the TTM ratio improved to 1.01 at Q1 2021 as compared to 0.81 at Q1 2020 Finance and insurance gross profit per retail unit average increased to $2,989, up 11.5% or $309 per unit and F&I gross margins improved to 93.4% from 92.5% in the prior year CANADIAN OPERATIONS ADJUSTED EBITDA ($M) 17 32.3 30.9 22.1 8.7 8.3 56.3 43.2 39.2 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 o Adjusting for COVID-19 related CEWS of $2.9 million, rent subsidy of $0.2 million, normalized Q1 2021 Adjusted EBITDA is $40.1 million, ahead of prior year by $31.4 million AutoCanada 30 1Source: DesRosiers Automotive Consultants#31Q1 2021 Results Continued • • U.S. Operations Results Despite facing market headwinds, including inventory shortages and stringent pandemic related restrictions in the City of Chicago, U.S. operations were buoyed by strong market demand and posted improved results compared to prior year. Q1 2021 results include acquisition of Autohaus of Peoria on October 29, 2020. New vehicle revenue increased by 33.0% and gross profit increased by $2.2 million. New vehicle gross profit percentage increased to 4.3% compared to 0.4% in the prior year. Used vehicle revenue increased by 33.7% and gross profit increased by 88.9%. Used vehicle gross profit percentage increased to 5.9% compared to 4.2% in the prior year. U.S. Operations Adjusted EBITDA ($M) (5.5) 1.6 (0.2) (1.1) (3.0) (3.5) 4.7 1.2 4.0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 。 Adjusting for the forgiveness of $5.4 million of PPP loans received in Q2 2020, normalized Q1 2021 Adjusted EBITDA decreases to $(1.4) million, an increase of $1.6 million from prior year Adjusted EBITDA of $(3.0) million AutoCanada 31#32Free Cash Flow · Strong and Consistent Free Cash Flow Generation Over the Past Seven Quarters Free cash flow was $19.4 million in Q1 2021 as compared to $6.2 million in the prior year 75 $105.0M Year Over Year Swing of Close to $40M ($M) $144.6M 50 50 25 (21.8) Q2 19 65.8 54.8 53.4 52.6 11.11. 6.2 19.2 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 19.4 Q1 21 AutoCanada 32#33Consistent and Sustained Market Outperformance • Q1 2021 is AutoCanada's Ninth Consecutive Quarter of Market Outperformance AutoCanada's outperformance is attributable to a combination of time in position related to the establishment of our complete business model, an alignment of compensation structures with our OEM partners' balanced scorecard metrics, ongoing communication with OEMs, and proactive inventory management practices 0.75 0.88 0.99 Used to New Retail Units Ratio (Quarterly on a Same Store basis and TTM on a Canadian basis) 0.93 0.95 0.91 0.86 0.85 0.72 1.01 1.19 1.08 Q2 2019 Q3 Q4 Q1 2020 2021 2020 TTM Canadian Used to New Retail Units Ratio AutoCanada 33 1Source: DesRosiers Automotive Consultants; Market share figures based on units sold in Canada, not including Tesla.#34APPENDIX AutoCanada#35Supplemental Information EBITDA and Adjusted EBITDA $M Net (loss) income Addback: Income taxes Depreciation and amortization Interest charges EBITDA Addback: Q1 2021 21 Q1 2020 Q1 2019 (47) (3) 7 (3) 10 11 10 11 9 10 49 (30) 17 Impairment of non-financial assets, net 32 Financing and risk management settlements Corporate reorganization and transition costs (2) 4 1 (Gain)/loss on dealership divestitures and closures (4) (Gain)/loss on capital property transactions . IFRS 16 AEBITDA Net rental expense adjustment Pre-IFRS 16 AEBITDA 47 (11) 6 (10) 36 (4) 2213 (2) (9) AutoCanada 35#36AUTOCANADA THANK YOU INVESTORS.AUTOCAN.CA ゆ AutoCanada