Buyer Intelligence Full Report

Bannister is a privately-held, family-owned group founded by Lyn and Joanne Bannister. Now led by their three children who share ownership and decision-making:

CanadaOne underwent a major ownership change in October 2025:

42 dealerships across 5 provinces with 20+ brands: Toyota, Lexus, Honda, Subaru, Hyundai, Kia, Ford, Lincoln, Chevrolet, Buick, Cadillac, GMC, BMW, MINI, CDJR, Mitsubishi.

Kelowna/BC Presence:

The EasyAuto123 Model:

7-Day Money-Back Guarantee: Full refund if returned within a week—no questions asked.

"Quality Verified": Every car undergoes 100-point safety and mechanical inspection before listing.

Why Eagers Bought CanadaOne:

BC Competitive Implications:

In British Columbia, EasyAuto123 will be a direct competitor to FFUN Cars and similar platforms. EasyAuto123 brings:

• Massive capital of an ASX-listed company (Eagers)
• CanadaOne's physical dealerships (Kelowna Toyota, Prince George Subaru) as delivery and service hubs
• International playbook proven in Australia/NZ

FFUN is privately-held and family-owned by the Loeppky family. Founded by Paul Loeppky (Village Auto Sales, 1974), now led by his son Mark.

FFUN operates an integrated automotive ecosystem with five divisions:

Go Auto is a privately-held, family-owned Canadian automotive group. The Priestner family maintains full ownership and operational control.

Go Auto operates an integrated automotive ecosystem with multiple business divisions:

Revenue Streams:

New vehicle sales (28 brands)

Used vehicle sales (16,000+ inventory network-wide)

Parts & Service (multiple service centers, fixed ops focus)

F&I Products (Yes Plan in-house financing, Go Insurance)

RV Sales (Go RV division)

70+ dealerships | 28 brands | 5,500+ employees | $25M+ charitable donations since 2018 Province/Region Presence

Saskatchewan Go RV Saskatoon Manitoba Winnipeg (Porsche, Volkswagen, Go Auto Outlet)

Ontario Mississauga (Terrace Ford Lincoln)

NWT Yellowknife & Hay River (Aurora Ford dealerships)

United States Washington State (Bellingham, Tacoma, Renton), California (Fontana, North Hollywood)

Harris Auto Group was founded in 1964 by Tom Harris, who grew it into one of BC's most respected dealership groups over five decades. Tom Harris passed away unexpectedly in 2017 at age 67 — he was a CADA Chairman and received the NCDA BC Lifetime Achievement Award in 2015.

The group is now led by Mike Harris (President, Tom's son) and Jeff Christie (COO). Day-to-day acquisition strategy is executed through a Managing Partner model, where GMs hold equity stakes in their individual stores — similar to the Bannister and CanadaOne approaches.

Harris is headquartered in Langford (Greater Victoria) and has expanded from its Vancouver Island base into the Okanagan Interior and Alberta. They describe themselves as "the largest dealer group on Vancouver Island." Region Dealership(s) Brands Vancouver Island (7) Harris Kia (Nanaimo), Harris Mazda (Nanaimo), Kia, Mazda, CDJR, GM Nanaimo CDJR, Duncan CDJR, Harris Victoria CDJR, Harris Oceanside GM (Parksville), Rollin Island Autos (used, Campbell River)

Lower Mainland (1) Richmond Hyundai (13251 Smallwood Place) Hyundai Okanagan — Penticton Penticton Honda, Penticton Hyundai Honda, Hyundai (2)

Okanagan — Kelowna Kelowna Mazda (2560 Enterprise Way, Hwy 97) Mazda — acquired Oct (1) ★ 2024 Alberta (1) Mazda of Grande Prairie (acquired Oct 2025) Mazda

★ Kelowna Mazda (2560 Enterprise Way) is on the same Highway 97 corridor as Elite Auto Centre — confirming Harris is already operating in Elite's competitive market.

Harris has been in active growth mode, with the Interior expansion representing a clear strategic pivot from their Vancouver Island base.

Harris operates a multi-brand franchised dealership model with an emphasis on volume brands (Kia, Mazda, Honda, Hyundai, CDJR) and a stated philosophy of employee-first culture. They also operate Harris Used Vehicle Super Centre — a standalone used inventory platform across the group network, indicating existing used vehicle capability.

This mirrors Bannister's and CanadaOne's approaches and would likely extend to an Elite acquisition.

Corridor Presence Kelowna Mazda already on Hwy 97 — Harris is physically in Elite's market.

Second Kelowna acquisition is a natural next step.

Okanagan Expansion Penticton (2023) → Kelowna (2024) → next Kelowna acquisition? The trajectory Pattern points directly at deeper Interior penetration.

Used Vehicle Platform Harris Used Vehicle Super Centre shows existing used vehicle infrastructure — Elite's premium used operation slots in cleanly.

Volume Brand Harris' franchise customers (Mazda, Honda, Hyundai) trade in vehicles that flow Complement into the premium used market. Elite = natural trade-in absorber.

Active Acquirer Two acquisitions in 12 months (Kelowna Mazda Oct 2024, Grande Prairie Oct 2025) — clearly in growth mode with capital deployed.

Size Match 12 locations puts Harris at a scale where a single premium used car acquisition is manageable and strategically meaningful.

Stellaxis Canada Inc. | Assess. Optimize. Exit. February 2026 | CONFIDENTIAL

House of Cars is privately-held, co-owned by Hassen Assaf and Josh Collins.

House of Cars operates a "credit rebuilding" focused used car model - serving customers with challenged credit who are often underserved by traditional dealerships.

Credit Rebuilding Program Features:

OpenRoad is privately-held, founded by Christian Chia in 2000. The business evolved from Multiland Investment, a family-run dealership established in 1978.

Orchard Ford is family-owned, with Dan Assam as current Dealer Principal. Dan owns both Kelowna Ford dealerships (Orchard Ford and Kelowna Ford Lincoln).

Two Kelowna Ford Dealerships:

NO EXTERNAL ACQUISITIONS IDENTIFIED Orchard Ford / Kelowna Ford Lincoln has grown organically rather than through acquisitions:

2016: Opened new Orchard Ford facility at 911 Stremel Road (Highway 97N)

The Assam family has deep roots in the Kelowna community:

CONSIDERATIONS FOR ELITE AUTO APPROACH

Steve Marshall Group was founded in Campbell River in 1966 by Steve Marshall, who opened his first dealership at age 19. Now nearly 60 years later, Steve Marshall serves as President and is the namesake and figurehead of the group.

Day-to-day leadership and M&A execution are driven by Karl Ebdrup (CEO) and Steve Davidson (COO / Partner).

Both are deeply engaged in acquisitions — Ebdrup and Davidson appeared jointly in the Automotive News article covering the Hawaii expansion, and Davidson is listed as the media contact on all acquisition press releases.

SMG has expanded from a Vancouver Island base into the Lower Mainland, Okanagan Interior, and internationally into Hawaii. The group operates franchised dealerships, standalone used vehicle lots, an RV dealership, body shops, and detailing facilities.

Region Dealership(s) Notes Vancouver Island — Campbell Steve Marshall Ford, North Island Nissan, Core market; Ford, Nissan, River (Home Base) Island Owl Mazda, Pacific Nations Auto Mazda franchises + 2 used Sales & Finance (used), Rollin Island Autos lots (used)

Okanagan — Vernon ★ Vernon Nissan (6417 BC-97) 30 min from Kelowna; 'access to largest used inventory in Okanagan Valley' Okanagan — West Kelowna ★ Kelowna RV's (1780 Byland Rd) RV dealership; Okanagan market presence confirmed Okanagan — Kamloops Rivershore RAM Chrysler Dodge Jeep Fiat Interior BC; CDJR franchise (2477 Trans-Canada Hwy)

Lower Mainland Lions Gate CDJR (North Vancouver, 4th acquisition of 2025; acquired Aug 2025) formerly Coast Chrysler; court-approved CCAA sale Lower Mainland — Abbotsford Abbotsford Nissan (acquired 2025) Fraser Valley expansion Hawaii — USA Orchid Isle (Ford, Hilo) + Titanium Ford First US expansion; May (Kona) 2024; SMG's largest volume store

★ Vernon Nissan explicitly markets itself as having 'the largest inventory of used vehicles in the Okanagan Valley' — confirming SMG already competes in the Kelowna used vehicle market from 30 minutes away.

Steve Marshall Group is one of Western Canada's most active acquirers. Their recent pace — averaging more than 2 acquisitions per year — is accelerating, not slowing.

Based on observed transaction patterns and public commentary:

Okanagan Presence Vernon Nissan (30 min) + Kelowna RV's already operate in the market. Elite acquisition adds a premium used car operation to an existing Interior BC cluster.

Stated Acquisition Ebdrup explicitly said they went to Hawaii due to difficulty finding good Canadian 2 Hunger deals. Elite — profitable, established, clean — is the type of asset they've been chasing.

Used Vehicle Vernon Nissan markets itself as Okanagan's largest used inventory source. Elite's Complement premium pre-owned positioning complements rather than competes.

Active Acquirer 7 acquisitions in 36 months; 4 in 2025 alone. Capital is deployed; deal pipeline is active. SMG will move quickly on the right opportunity.

Real Estate Fit SMG owns dealership real estate. Elite's $5.8M Car Row property is a strategic asset; PropCo structure aligns with their ownership model.

Service Department Fixed operations are SMG's profit anchor. Elite's robust service department (the key value driver in any dealership acquisition) directly fits their playbook.

Stellaxis Canada Inc. | Assess. Optimize. Exit. February 2026 | CONFIDENTIAL

Applewood Auto Group is privately held and founder-operated by Darren Graham, who holds a CACC competition license and has been involved with motorsport events including the Knox Mountain Hill Climb in Kelowna. Norman Isaak serves as CFO/Controller and Brian McMullin as a partner.

Applewood operates entirely within Greater Vancouver and Vancouver Island. No Okanagan or BC Interior presence.

Applewood’s growth has been primarily organic, with one confirmed external acquisition (Infiniti Langley, 2023). No evidence of acquisitions outside the Lower Mainland / Vancouver Island corridor.

• Volume-focused: Kia and Nissan are bread-and-butter franchises; emphasis on unit count and market share over premium pricing
• Applewood Auto Direct: Used vehicle / direct sales platform across multiple locations
• Applewood Performance Centre: Specialty/performance vehicle division in Surrey
• BC Bike Race / BC Bike Ride sponsor: Community event partnership; Darren Graham’s motorsport background informs marketing
• Charity: Annual Nissan Z raffle for Autism BC (raised $130,000+ in 2024)
• Top 50 HR Team Award (2024): Recognized for HR practices across the group

• Top 50 HR Teams Award (2024): Recognized for people management and HR practices
• Applewood Nissan Surrey team recognized on LinkedIn for Fixed Ops customer service excellence
• Glassdoor employee rating: 2.8/5 stars (20 reviews) — below industry average; mixed employee sentiment

Acquisition appetite for a Kelowna operation is unproven.

Climb in Kelowna — a minor personal connection to the market.

The August Automotive Group is family-owned across three generations, dating back to 1945.

Company Description August Luxury Pre-owned luxury, exotic & collector vehicles - Ferrari, Motorcars Lamborghini, McLaren, Porsche, etc.

August Mazda Mazda franchise (since 1979); "Clubhouse" concept showroom;

2560 Enterprise Way August Garage Repair, maintenance, modification services August Customs Vehicle customization, wraps, protection, audio + electronics August Real Estate Real estate investments (per Matt August's Instagram)

Group August Family $4.5M+ raised to date; Okanagan Dream Rally; Mazda Canada's Foundation most charitable dealer

"Best Used Luxury Car Dealership" - Best of Kelowna (multiple years)

Inventory Focus:

NO EXTERNAL ACQUISITIONS - ORGANIC GROWTH & NEW VENTURES August has expanded through organic growth and launching new business divisions rather than acquiring other dealerships:

AUGUST FAMILY FOUNDATION - $4.5M+ RAISED TO DATE

Name / Title Details Gary Moe — Red Deer, AB President/Founder Dean Moe & Eric Moe — Senior family leadership roles Sons HQ Gasoline Alley, Red Deer, AB | garymoe.com

Kot Auto Group is family-owned and operated by the Kot family since 2011:

11 dealerships across 6 BC regions with Kelowna as home base:

Region Dealerships Okanagan (6) Kelowna Hyundai, Genesis Kelowna, Buy Direct Truck Centre, Kelowna Kia, Okanagan Dodge, Penticton Nissan Vancouver Island (3) Victoria Hyundai, Genesis Victoria, Woodgrove Chrysler (Nanaimo)

Lower Mainland (1) Maple Ridge Hyundai Cariboo (1) Sunrise Ford (100 Mile House) - first Ford, first body shop

VERY ACTIVE ACQUIRER - 11 DEALERSHIPS IN 13 YEARS

• Family Ownership: Family manages all 11 dealerships directly
• In-House Financing: Buy Direct Loans & Leasing for customer financing
• Used Vehicle Experience: Operates Buy Direct Truck Centre
• Community Programs: Kot Coat Drive, Pay It Forward ($500/employee), Operation 100 ($100/vehicle)

• 1. Direct Kelowna Competitor: 5 dealerships in Kelowna - acquisition eliminates major competitor
• 2. Active Acquirer: 11 acquisitions in 13 years; stated goal of 15 dealerships by 2029
• 3. Used Vehicle Experience: Operates Buy Direct Truck Centre - understands used car business
• 4. Recent Deal Activity: Just closed $10M Okanagan Dodge deal (Nov 2024) - capital available
• 5. Family Culture Match: Family-owned values similar to Elite's approach
• 6. In-House Financing: Buy Direct Loans aligns with Elite's customer financing needs

Name / Title Details Tom Glenn — Calgary, AB Founder/Owner HQ 1100 Meridian Rd NE, Calgary, AB T2A 2N9 | olympicautogroup.ca

Acquisition timeline not publicly disclosed. Olympic operates 30+ locations across 5 provinces.

Limited public awards information. Privately held with diverse portfolio spanning dealerships, motorsports, marine, and RV operations.

Sentes Automotive is privately owned and operated by Rick Sentes, who founded the group in 1980 with a Pontiac/Buick/GMC dealership in Hinton, AB. Rick relocated to BC in the early 1990s, selling the Hinton store and acquiring Kelowna Infiniti Nissan in 1993. The group has been entirely family-controlled for 45 years. No second generation has been publicly identified as part of leadership — Rick Sentes remains the founder and principal owner as of 2025-2026.

Sentes operates six franchised dealerships spanning three Okanagan cities. All locations offer new and pre- owned vehicle sales plus full after-sales service centres:

Sentes has grown entirely organically — no external dealership acquisitions identified. Expansion has been through new franchise awards and facility rebuilds:

Sentes Automotive donated over $230,000 in 2023 to dozens of local Okanagan causes through its OurCommunity committee. Pamela Pearson (Sentes) received the Kelowna Women in Business Association Woman of the Year Award. The group is involved with the BC Cancer Society, UBCO JDC West Business Program, and OUC Trades Centre.

Trotman Auto Group is privately held and family-owned. It was founded by George Trotman as a used-car lot in Abbotsford in 1971, then pivoted to Langley Chrysler (acquired 1977). George's three sons joined in the 1990s and formalized the group in 2003, with Mike Trotman (UBC Commerce grad) as CEO — the youngest GM in Canada when he took over Langley Chrysler in the 1990s. MNP has been the group's accounting/advisory partner for 15+ years.

As of 2025, TAG operates 13 franchised dealerships across 14 brands in BC — exclusively in the Lower Mainland, Fraser Valley, Vancouver Island, Sunshine Coast, and Cranbrook (Kootenays). No Okanagan presence.

TAG has steadily grown from 1 dealership in 2003 to 13 by 2025, averaging roughly one acquisition per 1.5 years. All acquisitions have been OEM-franchised dealerships — no independent used car operations identified.

Factor Assessment

Cranbrook — zero Interior BC footprint

— if they explored Interior, cultural alignment is strong

RECOMMENDATION Include in teaser distribution but do not prioritize for active outreach. TAG has no Okanagan presence, no used car acquisition history, and a BC-only geographic strategy focused on densification. Best entry point is Karen Lee (karen@trotmanautogroup.com) who handles confidential inquiries. If contacted, position Elite as: (1) Okanagan market entry with a fully operational platform, (2) premium used complement to their franchise network's trade-in pipeline, and (3) PropCo opportunity on prime Highway 97 real estate.

Wheaton Automotive Group is the automotive arm of The Wheaton Group conglomerate headquartered in Edmonton. The business was founded in 1955 by Don Wheaton Sr. in Porcupine Plain, Saskatchewan, and expanded to Edmonton in 1961. Today the group encompasses automotive retail, banking (General Bank of Canada — Canada's only privately held Schedule 1 bank, chartered 2005), aviation (co-owner of Morningstar Air Express, the FedEx Canada carrier), and insurance (First Canadian Insurance Group, Canada's largest underwriter of automotive creditor and warranty insurance).

The automotive group is led by Donald A. Wheaton (President & CEO), with the 3rd and 4th generations now active in operations. Wheaton Automotive operates 23 franchises across 12 locations in Alberta, Saskatchewan, and British Columbia, representing Chevrolet, GMC, Cadillac, Buick, Hyundai, Honda, Kia, and Mercedes-Benz.

The group received the EY Entrepreneur of the Year Family Business Award of Excellence in 2016.

Wheaton operates 12 locations across three provinces. BC locations are listed below.

Wheaton has grown steadily through franchise acquisitions over 70 years. The table below reflects known acquisitions in the last ~20 years. Wheaton is not a rapid acquirer — they add locations methodically and have no known independent used car dealership acquisitions. No acquisitions have been publicly reported in 2023–2025.

• Family-Owned, Long-Term Holds: Wheaton does not flip assets. They acquire and operate dealerships intergenerationally.
• Franchise-Only Track Record: All known acquisitions are OEM-franchised stores. No independent used car dealership M&A history confirmed.
• Methodical Growth: Average pace is 1–2 franchise additions per 3–5 years, not rapid consolidation.
• Balance Sheet Strength: General Bank of Canada ownership provides proprietary financing capacity — not reliant on traditional floorplan lenders.
• Real Estate Ownership: Wheaton Group has a real estate division (Wheaton Properties). May be receptive to PropCo/OpCo structure for the $5.8M Elite real estate.

• No Kelowna Footprint: Wheaton has no dealership within the Okanagan Valley. Their closest BC Interior location is Kamloops (~200 km from Kelowna). Geographic extension to Kelowna is possible but not an obvious next step.
• No Independent Used Car Division: All 23 Wheaton franchises are OEM-affiliated. Elite Auto is an independent used car operation — a category Wheaton has not historically entered.
• Slow Acquisition Cadence: No acquisitions publicly reported in 2023–2025. Wheaton is not an active acquirer in the current M&A cycle.
• Conglomerate Real Estate Arm: Wheaton Properties is active in commercial real estate. The $5.8M Elite Car Row real estate could be independently attractive — PropCo angle worth noting.
• Brand and Scale Mismatch: At 23 franchises, Wheaton is mid-to-large sized. A single-location independent used car store may be below their acquisition focus or require a compelling strategic narrative to justify.
• Kamloops Presence as a Bridge: Wheaton's Kamloops expansion (Kia, Hyundai, Buick GMC) shows willingness to grow in BC Interior markets. If they are scouting the Okanagan corridor, Elite could be a conversation starter — but no public signals confirm this.

Wyant Group is privately held, family-owned and operated by Vaughn Wyant (founder) and increasingly led by his son Michael. Vaughn Wyant started on the sales floor and built the group over 40+ years from a single Ford dealership in Saskatoon.

Wyant’s Kelowna footprint is concentrated exclusively in premium/specialty brands. All Kelowna locations are near Finns Road / Hwy 97 — the same corridor as Elite Auto Centre.

Dealership Joined Notes Wyant Porsche Centre Kelowna 2017 Premier Dealer 2024 & 2025 (top in Canada); 888 Finns Rd; opened as BC’s 18th Porsche Centre Audi Kelowna 2015 2621 Enterprise Way; no-commission pay structure; family-owned acquisition Jaguar Land Rover Kelowna 2018 Finns Rd; combined JLR facility Volvo Cars Kelowna 2018 Finns Rd (co-located with JLR); Volvo certified pre-owned Kelowna Harley-Davidson 2022 Acquired from Grant Price (Gasoline Alley); motorcycle/powersports Vernon Hyundai N/A Vernon, BC

• Vaughn Wyant — Order of Canada (December 2021): Recognized for contributions as a business leader in western Canada auto industry and community philanthropy
• Vaughn Wyant — CADA Laureate Award 2008 (Retailer Laureate): Presented by Richard Ivey School of Business; one of Canada’s highest automotive dealer honours
• Michael Wyant — CADA Innovator Laureate 2025: Second-generation recognition; the Wyant family is one of very few to have two CADA Laureates
• Vaughn Wyant — Ford’s “Salute to Dealers” Award (2017): Selected from 12,000 Ford dealers worldwide
• Porsche Centre Kelowna — Premier Dealer 2024 (confirmed) & 2025: Based on sales, service, customer experience metrics; top dealership designation in Canada
• Jaguar Dealer of the Year: Named in Wyant Group press releases as a national accolade
• Wyant Group — Birdeye aggregate rating: 4.3 stars / 126 reviews (corporate)

AutoCanada is publicly traded on TSX (ACQ) - Canada's only publicly traded dealership group. Currently under interim leadership following executive transitions in late 2025.

Shareholder Structure:

TRANSFORMATION PLAN IN PROGRESS - $100M COST SAVINGS TARGET Executive Transitions (Oct-Nov 2025):

Paul Antony transitioned out as Executive Chairman (Oct 2025); family office remains 2nd largest shareholder Sam Cochrane appointed Interim CEO & CFO; board searching for permanent CEO Mikel Pestrak promoted to Interim President, Dealership Operations (Nov 2025)

Art Crawford promoted to President, Collision Operations (Nov 2025)

Strategic Restructuring Actions:

Location Dealership / Notes Maple Ridge / Pitt Meadows Maple Ridge Chevrolet Buick GMC (opened March 2024

• first Metro Vancouver GM) Maple Ridge Maple Ridge Chrysler Dodge Jeep RAM Duncan (Vancouver Island) Duncan dealership location BC Interior Gap: No presence in Kelowna/Okanagan region. Metro Vancouver focus only.

AutoCanada has been an active acquirer historically, but is now in divestiture mode:

Date Transaction Details Jan 2026 Modern Autobody (Edmonton) Single-location collision centre; Tesla, Rivian, Porsche certified; luxury/EV focus Jun 2024 Nurse Chevrolet Cadillac Dealership + collision centre; expands Ontario (Oshawa) GM presence Mar 2024 Maple Ridge GM (BC) NEW BUILD open point - first GM dealership in Metro Vancouver 2022 Kavia Auto Body, Excellence Multiple Ontario acquisitions totaling ~$54.6M Auto Collision, Sterling Honda 2022 Porsche of London, Audi $80M+ annual revenue; first Porsche franchise Windsor in portfolio Dec 2021 Autopoint Group (11 $345M annual revenue; doubled Ontario dealerships) footprint; Honda, Acura, Kia, Nissan, Subaru 2018 Grossinger Auto Group (US) $110M USD for 8 dealerships in Illinois - NOW BEING DIVESTED

COLLISION IS THE PRIORITY - 33 CENTRES, $130M+ ANNUAL REPAIRS AutoCanada's collision division (ACX) has become a strategic priority:

RightRide used car division

(Duncan) - not expanding into Interior

Automotive Properties REIT (TSX: APR.UN) is an unincorporated, open-ended real estate investment trust incorporated in 2015. It was co-created with Dilawri Group, which contributed 26 properties from its dealership portfolio in the IPO and retains approximately 57% effective interest in the REIT. APREIT is publicly traded and the only Canadian entity dedicated to consolidating automotive and OEM dealership real estate.

APREIT has been actively expanding its portfolio, deploying approximately $150.9 million in property acquisitions in the first nine months of 2025 (YTD through Q3 2025). The REIT is also expanding into the US for the first time.

Date Transaction Details Oct 2025 3-property portfolio ~$93.6M deployed in Q3 2025; three automotive dealership properties Aug 2025 Ile-Perrot, QC (6 5 dealerships + collision centre; Groupe AutoForce; properties) ~$70.5M Aug 2025 Orlando, FL (Rivian) Rivian-tenanted 34,938 sq ft facility; US$16.8M; 2nd US property Apr 2025 Tampa, FL (Rivian) Rivian-tenanted; US$13.5M; first US acquisition Mar 2025 Columbus, OH (Tesla) Tesla-tenanted collision center; US$17.8M; EV service strategy Nov 2024 Greater Montreal (x2) Heavy equipment dealership properties; ~$25.4M

Recognition Details Only Canadian Auto REIT Sole public vehicle in Canada focused exclusively on automotive and OEM dealership real estate — unique market position TSX-Listed (2015) IPO at $10/unit with 26 Dilawri properties; original portfolio ~$354.2M — now grown to 91 properties and ~$400M+ total value Distribution Growth 2.2% distribution increase approved Aug 2025; AFFO payout ratio improved to 80.7% in Q2 2025 (from 86.3% Q2 2024)

US Market Entry First international expansion in 2025 (Ohio, Florida) — strategic milestone validating EV/OEM service real estate thesis Dilawri Anchor Tenant Dilawri Group (Canada's largest dealer group) is founding shareholder and largest tenant — institutional credibility

APREIT's BC portfolio is concentrated in Metro Vancouver, mirroring where its anchor tenant Dilawri Group operates. Properties confirmed in BC include: 688 Terminal Avenue, Vancouver and 1788 West 2nd Avenue, Vancouver (Dilawri JLR facility). Additional properties held through Dilawri's Porsche Centre Vancouver and other Lower Mainland locations are included in the original IPO portfolio.

No APREIT properties have been identified in the Kelowna or BC Interior market. Elite Auto's Highway 97 'Car Row' property would be a first for APREIT in the Okanagan — a gap they may or may not see as a priority.

Fits their diversification mandate but requires strategic alignment with a tenant relationship first.

Independent used car dealership real estate is an emerging category for them — needs framing as a premium, long-tenured BC Interior asset.

Three scenarios where APREIT becomes relevant:

Stellaxis approaches APREIT (or a similar REIT/PropCo buyer) separately to purchase the property and lease it back to the new operator.

No publicly announced acquisitions in 2024-2025. Grew incrementally from 1 to 11 stores since 1974.

Cornerstone Automotive Group (California) timing not publicly disclosed. Current appetite not publicly stated — acquisition posture unclear post-founder transition.

Clutch exited all Western Canada operations in 2023 and has re-entered BC cautiously via a wholesale buying hub in Richmond. As of February 2026, Clutch does NOT sell retail to BC consumers — the Richmond facility only buys cars from private sellers and wholesales them to auctions and dealers.

Location Address Function Status Richmond, 30,500 sq ft Wholesale buying only — inspects/buys up to Opened BC Hub facility 300 cars/week from private sellers; sells via August 2025 auction/dealers; team of 8 growing to 20 Mississaug 111,000 sq Primary retail market — Ontario/Atlantic Active & a ft. facility, Canada growing mall kiosks

Factor Assessment

Dealerships reconditioning facilities/market share, not buy existing dealerships

Model antithesis of Elite's relationship-driven, physical dealership model

(BC Retail) directly with Elite for online-savvy Kelowna used car buyers

Opportunity wholesales to auctions/dealers — Elite could sell wholesale inventory to Clutch Richmond

Presence or Plans Interior not on near-term roadmap

Relationship-Driven outreach to Dan Park requires a tech/disruption framing, not traditional M&A language

RECOMMENDATION DO NOT include in M&A teaser distribution — Clutch does not acquire physical dealerships and is structurally a competitor, not a buyer. Monitor closely: (1) Track Clutch's BC retail launch timeline — if they expand to Okanagan before Elite closes, it creates urgency and price pressure; (2) Consider approaching Clutch Richmond as a wholesale inventory channel for Elite's aged or off-brand inventory pre-sale; (3) Include Clutch competitive context in the CIM to demonstrate market urgency for qualified buyers.

Dilawri is privately owned and operated by the Dilawri family since 1985. Three brothers serve as Principal Directors/Co-Founders:

Dilawri represents 14+ brands at 20+ franchised dealerships throughout BC's Lower Mainland:

Recent BC Openings/Investments:

Date Dealership Details Oct 2025 Genesis Downtown BC's FIRST standalone Genesis dealership;

Vancouver 15,000 sq ft; 1718 W 3rd Ave; flagship GRX facility Aug 2025 Land Rover North NEW purpose-built standalone facility; 819 Vancouver Automall Drive 2024 JLR Vancouver 79,996 sq ft multi-storey facility; 1788 W 4th Ave (Kitsilano); construction started 2021

Dilawri has a dedicated VP of M&A (Ettore Gattolin) and actively acquires franchised dealerships:

Date Transaction Details Dec 2024 Volvo Cars West Island First Volvo franchise in Quebec; second Volvo (Montreal) in portfolio Oct 2024 BMW Royal Oak rebrand 74,205 sq ft combined BMW/MINI facility;

(Calgary) Retail.Next design standard Jun 2022 Ferrari & Maserati of FIRST US EXPANSION; iconic luxury brands;

Washington (DC) Ettore Gattolin became VP US Ops Jul 2020 Lexus Laval (Montreal) First Lexus franchise in portfolio 2018 Country Hills Volkswagen Brand new dealership addition (Calgary)

2017 Cadillac Chevrolet Buick GMC Montreal expansion West Island 2017 BMW Newmarket (Ontario) Premium brand expansion 2016 Automobiles Niquet Audi & 59th and 60th dealerships; Quebec expansion VW (Montreal)

2015 Subaru Des Sources First Quebec expansion (Montreal)

2014 Audi Queensway (Toronto) 50th dealership milestone

Dilawri created Automotive Properties Real Estate Investment Trust (APREIT) in 2015:

Genesis, etc.); no evidence of independent used car acquisitions

Name / Title Details John Hairabedian — All acquisition decisions run through Hairabedian President & CEO Sebastien Boisvert — GM for marquee locations including INFINITI Laval Operating Partner Head Office Saint-Eustache, QC | hgregoire.com