Axis Initiates a Strategic Review

Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a fintech lender changing the way Canadians finance used vehicles, announces that it has initiated a review of strategic alternatives to maximize shareholder value and in connection therewith has formed a special committee of independent directors (the "Special Committee") to oversee this process.

In response to incoming expressions of interest, Axis through the Special Committee, will evaluate a range of alternatives to determine the best path forward to maximize value for shareholders. Alternatives may include the sale of certain assets, or a potential sale or merger of the Company as well as other strategic options.

The Board has not set a timetable to complete the strategic review process nor have any decisions been made relating to strategic alternatives at this time. There can be no assurance that the strategic review and the preliminary non-binding discussions will result in any binding offer or any other transaction, or of the pricing of any such possible transaction. Axis will provide updates when further information becomes available.

About Axis Auto Finance

Axis is a fintech lender providing alternative used vehicle financing options to non-prime borrowers. Axis loans are offered through over 3,000 automotive dealers nationwide. Approximately 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements in this press release includes, but are not limited to: statements regarding the Company's strategic review process and the potential outcome thereof; approval of any transactions resulting of the strategic review process; the possible impact of any potential transactions referenced herein on the Company's shareholders; and statements with respect to the business plans of the Company.

These forward-looking statements reflect management's current beliefs with respect to future events and are based on information currently available to management that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Forward-looking statements involve significant risks, uncertainties and assumptions and many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors and assumptions include, but are not limited to, the Company's ability to retain key personnel; its ability to execute on its business plans and strategies; and the sufficiency of its working capital to continue to fund its operations during its strategic review process. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.

Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions and the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.

The TSX Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Axis Auto Finance Inc. Todd Hudson CEO [phone] [e-mail]