Sam Ellis, president and chief executive of Sierra Auto Finance — as well as co-founder of online auto lending marketplace DriverUp — is no longer with the companies, Auto Finance News has learned. Ellis stepped down to pursue “his passion for entrepreneurial opportunities in the tech sector,” according to a statement emailed to AFN.
Brett Beebe, co-founder and chief operating officer, has been named president of the company.
“Sam helped build Sierra Auto Finance into one of the nation’s leading auto lenders, and launched DriverUp two years ago to strong industry fanfare,” according to the email statement.
DriverUp, which was launched in late February 2015, is an online auto lending platform for investors and dealers, “built to disintermediate not just Wall Street, but also the credit application management systems,” Ellis told AFN at the time. The company closed a $20 million Series B round in September 2016.
Sierra had originated over $425.9 million in receivables as of March 31, 2016, according to the company’s latest presale report from S&P Global. The Dallas-based lender had a serviced portfolio of 22,734 motor vehicle contracts, with an aggregate principal balance of approximately $241 million. The lender was licensed to operate in 39 states, and had 168 employees, also as of March 31, 2016.
