Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

TORONTO, June 27, 2023 (GLOBE NEWSWIRE) -- Automotive Finco Corp. (NEX: AFCC-H) (the "Company") is pleased to announce the results from its annual general and special meeting of shareholders held June 27, 2023 (the "Meeting").

At the Meeting, shareholders overwhelmingly elected the following nominees to serve as directors of the Company for the ensuing year: Kuldeep Billan, Farhad Abasov and Curtis Johansson. Mr. Abasov will serve as Chairman of the board of directors of the Company. Shareholders also approved: (i) the reappointment of Raymond Chabot Grant Thornton LLP, Chartered Accountants as auditors of the Company; (ii) the continued use of the Company's stock option plan; and (iii) a reduction of the stated capital of the common shares of the Company by $4,668,769, as more fully described in the management information circular of the Company dated May 23, 2023.

About Automotive Finco Corp.

Automotive Finco Corp. is a finance company focused exclusively on the auto retail sector. In addition to its interest in Automotive Finance Limited Partnership, the Company may also pursue other direct investments and financing opportunities across the auto retail sector.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please refer to the Company's website at or contact Shannon Penney, Chief Financial Officer, at shannon.penney@rogers.com or (905) 619-4996.