Private equity firm Cerberus Capital Management has acquired an 80% interest in independent used-car dealership chain Off Lease Only LLC with plans to expand the company’s footprint and “further strengthen the business through strategic investments and the integration of operations and technology initiatives,” according to a press release.
Off Lease Only has four Florida dealership locations — in Fort Lauderdale, Miami, Orlando and West Palm Beach — and inventory of about 5,000 cars.
Leland Wilson will join Off Lease Only as chairman and chief executive. Wilson has 30 years of operational, financial and managerial experience, most recently as executive chairman of insurance outsourcer Carrier & Technology Solutions. He was formerly vice chairman and chief financial officer of Chrysler Financial, the Chrysler LLC captive Cerberus bought for $7.4 billion back in 2007. Three years later, Cerberus sold Chrysler Financial to TD Bank for $6.3 billion.
Off Lease Only founders Mark and Eileen Fischer will retain the remaining ownership share and will continue to provide strategic direction and support. Mark will stay on as co-CEO for a transition period, then he will continue as a member of the board’s executive committee.
Financial terms were undisclosed.