Paul Antony, who has led AutoCanada for the past seven years, informed the board of directors he will transition out of his role as executive chairman, the dealership group announced.

In a news release distributed Friday morning, the company said it has begun a search for a new chief executive officer. When the CEO is in place, Antony will serve as non-executive chairman of the board for a transition period to ensure “continuity and oversight.”

“When I stepped into the executive chair role in 2018, AutoCanada was over-levered, operationally constrained and on the verge of irrelevance,” Antony said. “Together, we stabilized the business, returned it to profitability and repositioned it as a resilient, growth-ready platform.

“With the company on solid footing and a talented team in place, now is the right time for the transition and to reclaim time for my family and new initiatives in mobility data, technology and private investing. My time leading AutoCanada was among the most intense and rewarding chapters of my career. I’m proud of what we’ve built and I am excited for what comes next.”

Antony’s pending departure comes as AutoCanada is working through a “transformation plan” that was initiated in the wake of financial losses in the second quarter of 2024. The company has restructured its debt and divested underperforming locations — including dealerships and North Toronto Auction — and is currently seeking to sell its 10 dealerships in the U.S.

In March, AutoCanada announced its goal of realizing $100 million in cost savings by the end of 2025. During the company’s most recent earnings call in May, Antony said it is “firmly on track” to hit that target.

“Our strategy in 2025 is clear,” he said during the call. “Simplify the business, execute with discipline, achieve our cost transformation and reduce leverage. The first quarter reflects early progress on that front.”

In its news release, AutoCanada said the “transformative milestones” of Antony’s tenure include strengthening the balance sheet and significantly reducing debt, rebuilding trust with OEM partners, acquiring new brands, integrating advanced data analytics into the company’s retail model, positioning AutoCanada as a credible consolidator in Canadian auto retail, and initiating a full operational overhaul and cost transformation.

“On behalf of the board of directors, I want to thank Paul for his many years of service and dedication to AutoCanada,” lead independent director Chris Harris said. “Paul navigated the company through many challenges and built a strong foundation. With the operational overhaul and cost transformation well underway, the company is poised for growth on a scalable and disciplined basis.”