DriveTime Names New CEO
The used-vehicle retailer has named Don Reese as its new CEO. He replaces Ray Fidel, who stepped down as the company's chief executive in January.
TEMPE, Ariz. — Used-car retail DriveTime named a new CEO to replace Ray Fidel, who stepped down as the company's chief executive in January.
The company announced that Don Reese, who most recently served as COO for Fairfax, Va.-based Sheehy Auto Stores, will join the company in early March as its new CEO. He will also serve on the boards of directors for DriveTime and its third-party loan servicer, Bridgecrest Acceptance Corp.
“We are very excited and pleased to welcome Don to DriveTime,” said DriveTime Chairman Ernie Garcia. “Don's considerable leadership and operational experience in new and used auto sales, as well as his background as a CFO, make him an ideal candidate to lead DriveTime at this time. We continue to reinvent our dealership and digital customer experiences and offerings, and expect to begin acquiring new car dealerships beginning in 2018. I also view him as a very valuable addition to our boards."
Reese brings more than 30 years of automotive retail experience. He spent 11 years as the COO and CFO for Maroone Auto Group, six years as senior vice president of operations in AutoNation’s Midwest region, and 15 years as COO at Gurley Leep Automotive.
DriveTime operates more than 144 corporate-owned dealerships in 27 states.
Originally posted on F&I and Showroom
More Dealer Ops
Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →