DriveTime Begins Search For New CEO
The used vehicle retailer and financier DriveTime is searching for a new chief executive after Ray Fidel left the role and company in December 2017.
Fidel and Ernie Garcia II bought the company in 1991, back when it was called Ugly Duckling. They changed the name to DriveTime in 2002 and have since grown its finance portfolio to more than $4 billion, according to Big Wheels Auto Finance 2017.
The company entered into an agreement with Fidel in November 2017 and closed out the transition in December, according to a company statement.
“We’ve built a great foundation for the next chapter in the DriveTime story,” said Chairman Ernie Garcia in the statement. “While we’re looking for a Retail CEO, I’m very confident our current leadership team will get us to the next level.”
DriveTime originated $2.4 billion worth of auto loans in 2016 according to Big Wheels, and the retailers operate more than 144 corporate-owned dealerships in 27 states.
DriveTime has launched several startups as well, including the online used car retailer Carvana, the subprime lender Go Financial, and the licensed third-party servicer Bridgecrest Acceptance, which services a $2 billion portfolio.
