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Dealerships Quarterly Update | Q1 2021

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Dealerships Quarterly Update | Q1 2021 Dealerships Quarterly Update | Q1 2021 MNPCF.ca Industry Overview M&A Transactions & Performance Publicly Disclosed Dealership Transactions (North America)1 3,500 M 100 2,800 M 80 2,100 M 60 NTD$3,309: Waiting M on US transX data to 1,400 M 40 be published. (Number of of Deals) (Number Transaction Volume 700 M $1,318 M 20 $993 M $925 M Transaction (CADValue Millions) Transaction - - 2017 2018 2019 2020 Transaction Value Transaction Volume M&A Market Update – Q1 2021 M&A Activity • 2020 was a strong year for M&A activity in the North American dealership industry. From 2019 to 2020, disclosed transaction value increased from $925 million to $3.3 billion, and the number of transactions increased from 23 to 43. • Due to the limited number of publicly traded automotive companies in Canada, substantially all the transaction value and volume in the chart noted above is related to US transactions. However, while different markets, M&A activity in the US may be indicative of macro trends in Canada. Automotive • Dealership location, brand, and strength of management are playing increasingly important roles in valuation as different geographical markets and brands recover differently from COVID-19. • One year into the COVID-19 pandemic, manufacturers have adapted to the new reality and light vehicle sales have rebounded 15.1% in Q1 2021 compared to Q1 2020, while dealing with economic restrictions and supply disruptions. While this is a step in the right direction, it is still a long way away from a full recovery.2 Agriculture Implement • Accelerated consolidation amongst Case-IH, New Holland, and Kubota dealers. Valuations can vary significantly by location, size, and historical performance. • The farm tractor segment experienced a strong March, posting a year-over-year increase of 80.8% in unit retail sales in Canada. The self-propelled combine segment remained stable in March, posting identical volume of unit retailed as March 2020. March year-to-date unit retail sales in Canada increased 59.9% for farm tractors and 18.5% for self-propelled combines.4 • Dealership sales are tied to farm cash receipts and interest rates as opposed to consumer discretionary spending. Heavy Truck • Fragmented marketplace presents an opportunity of merger and acquisition (M&A) activity amongst dealerships. • Pent-up demand for US trailer orders throughout Q4 2020 resulted in record highs. The momentum has subsided in Q1 2021, but March trailer orders are up 12% from February and are more than triple the March 2020 levels. 1: Capital IQ. Data as of March 31, 2021; SEC Filings via Haig Report. 2: AutoWatch, Desrosiers. March 2021 Market Watch. 3: ACT Research, U.S. Trailer Orders. 4: AEM Canada Ag Tractor and Combine Report, March 2021. Page 2 Macroeconomic Indicators The key external drivers affecting the various dealership industries in Canada include: per capita disposal income, consumer confidence index, interest rates, and GDP. Per Capita Disposable Income Consumer Confidence Index 35,000 120 34,000 110 33,000 100 32,000 90 CAD Index 31,000 80 30,000 70 29,000 60 Overnight Rate GDP - Canada 2.00% 2.5 T 1.50% 2.2 T % 1.00% 1.9 T CAD Trillions CAD 0.50% 1.6 T - 1.3 T Source: IBISWorld Industry Reports. “F” indicates forecast. Page 3 Industry Snapshot Automotive Canadian Passenger Vehicle Sales1 700 70% 600 60% 500 50% 400 40% 300 30% 200 20% 100 10% Share of CDN Passenger Sales Vehicle of Share Passenger CDN CDN Passenger Vehicle Sales (000s units) (000s Sales Vehicle Passenger CDN - - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 Cars Light Truck (includes SUVs and crossovers) Domestic (%) Foreign (%) Overall, Q1 2021 sales increased to 378,730 units, a 15.1% increase in comparison to Q1 2020. Total vehicle sales comprised of 83.6% light truck sales in Q1 2021, up from 79.2% in Q1 2020. The domestic vs. foreign brand sales mix continues to favour foreign brands, however, their market share decreased to 57.0% in Q1 2021, from 60.6% in Q4 2020. 2 160% Share Price Performance 144.6% 100% 50.4% 40% 37.6% 21.7% 4.5% (20%) (80%) AutoCanada Inc. US Dealership Peers3 Domestic OEM Peers3 Foreign OEM Peers3 S&P 500 1: Desrosiers Automotive Consultants reports, April 2017 – March 2021. 2: Capital IQ. Data as of March 31, 2021. 3: US Dealership Peers: AutoNation, Group 1 Automotive, Asbury Automotive, Sonic Automotive, Lithia Motors and Penske Automotive. Domestic OEM Peers: General Motors, Ford, and Fiat Chrysler. Foreign OEM Peers: Toyota, Honda and Nissan. Page 4 Industry Snapshot Agriculture Implement Revenue Vs. Farm Cash Receipts Per Quarter1, 2 500 M 12 B 10 B 400 M 8 B 300 M 6 B 200 M 4 B Revenue Revenue (CAD Millions) 100 M 2 B Billions) (CAD Cash Receipts Farm - - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 Rocky Mountain Equipment Cervus Equipment Farm Cash Receipts (AB, SK, MB) Farm cash receipts tend to be a lagging indicator of agriculture equipment sales. Farm cash receipts recorded a 4.8% year-over-year growth from Q4 2019 to Q4 2020. Cervus Equipment's revenue in Q4 2020 increased 5.5% over Q4 2019. Rocky Mountain went private in Q4 2020 and financial information is not publicly available beyond Q3 2020. We have tracked Rocky Mountain's historical revenue for illustrative purposes. Share Price Performance1 100% 80% 76.1% 60% 50.4% 40% 20% - 1.1% (20%) (40%) (60%) (80%) OEM Peers3 Dealership Peers3 S&P 500 1: Capital IQ. Data as of March 31, 2021. 2: Farm cash receipts, quarterly – Statistics Canada. Farm cash receipts information is not yet available for Q1 2021 as of publication of this report. 3: Dealership Peers: Rocky Mountain Equipment, Cervus and Titan Machinery. OEM Peers: Deere & Company (John Deere), CNH Industrial (Case IH, New Holland), Kubota Corp., Caterpillar Inc. (CAT) and AGCO Corporation (Massey Ferguson). Page 5 Industry Snapshot Heavy Truck Penske & Cervus Heavy Truck Division Performance1 1,000 M 10% 800 M 6% 600 M 2% 400 M (2%) (% Revenue) (% of 200 M (6%) Net Profit (Loss) Before Tax Heavy Truck Sales (CAD Millions) (CAD Sales Truck Heavy - (10%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 Penske Heavy Truck Sales ($) Cervus Heavy Truck Sales ($) Penske Heavy Truck Net Profit ($) Cervus Heavy Truck Net Profit (%) Penske Automotive Group (Penske) is a publicly traded, global dealership group. Cervus Equipment Corporation (Cervus) is a global agricultural, construction and heavy truck dealership group. Penske and Cervus generated approximately 10% and 30% of sales from their heavy truck divisions in Q1 2021, respectively. Heavy truck revenues and net profit margins have been isolated in order to gauge divisional performance as a metric for the industry in general. 90% Share Price Performance2 81.0% 70% 67.5% 50% 50.4% 30% 19.1% 10% 15.3% (10%) (30%) (50%) (70%) Penske Automotive Group2 Cervus Equipment Corporation2 Rush Enterprises3 S&P 500 OEM Peers4 1: Capital IQ. Data as of March 31, 2021. Data for the Penske and Cervus heavy duty truck divisions for Q1 2021 was not updated by the time of the Q1 2021 report preparation. 2: Penske and Cervus are both diversified companies, therefore the share price performances shown above are not inherently related to the performance of their heavy truck divisions. 3: Rush Enterprises is a retailer of commercial vehicles in the United States, primarily retailing new and used heavy trucks. 4: OEM Peers: Daimler AG (Freightliner, Western Star), AB Volvo (Volvo, Mack), Navistar (International) and PACCAR Inc. (Kenworth, Peterbilt). Page 6 Select Recent M&A Transactions • AutoCanada Inc. is a multi-location automobile dealership group Location currently operating 66 franchised dealerships, comprised of 27 Ontario brands, in eight provinces in Canada, as well as Illinois, USA. • Haldimand Motors is one of Canada’s largest volume used vehicle acquired Date dealers, with facilities of 80,000 square feet on 20 acres, 130 shop December bays, and a full-service department. 2020 • This transaction allows AutoCanada’s used Digital Retail Division to drive used vehicle sales across all channels (omni-channel), including completely online. • The Carson Automotive Group is a family-run dealership group Location British located in British Columbia. Columbia • Pacific Mazda is a new and used car dealership located in acquired downtown Victoria, BC. Date • The Carson Automotive Group completed its acquisition of Pacific November Mazda, which will allow the Carson Automotive Group to relocate 2020 the dealership to their desired location. • Rocky Mountain Equipment Alberta (formerly Rocky Mountain Dealership) purchased its outstanding shares traded on the Toronto Stock Exchange for approximately $128 million and completed its Location decision to go private. Canada • Rocky Mountain has partnered with Westcap Mgt. Ltd. as their Date financial and strategic partner. November • Rocky Mountain is a consolidator of agriculture and construction 2020 equipment dealerships, primarily focused around the CNH brands. They are the largest independent agricultural equipment dealer in Canada and second largest Case IH dealer in North America. Source: Capital IQ, MNPCF transactions, Foundation Automotive Corporation company website, AutoCanada website and PR Newswire. Page 7 Public Comparable Analysis Trading Multiples & Operating Statistics (Figures In CAD Millions, except percentages and ratios)1 CAD Millions LTM Operating Figures NTM Consensus Estimates Valuation Market Enterprise Revenue EBITDA Revenue EBITDA NTM LTM LTM Company Capitalization Value Revenue Growth EBITDA Margin Growth Margin EV/EBITDA EV/EBITDA EV/REV Automotive Dealerships AutoCanada Inc. $833 $2,116 $3,329 (4.2%) $100 3.0% 21.4% 4.3% 13.1x 21.2x .6x AutoNation, Inc.
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