Indiana-based KAR Auction Services, Inc. (NYSE: KAR), a leading end-to-end vehicle remarketing services provider, announced the promotion of Jim Money to president of Automotive Finance Corporation (AFC), a subsidiary of KAR. Money, who most recently served as chief financial officer of AFC, will report directly to Don Gottwald, KAR chief operating officer.
“During his nearly 17 years with the company, Jim has developed a deep understanding of all aspects of this business and a strong commitment to this industry,” said Gottwald. “He is an accomplished professional who is well-respected by employees, customers and business partners, and we have tremendous confidence in his ability to successfully lead AFC.”
Money’s promotion comes as part of a long-standing and well-executed succession plan. John Hammer, who most recently served as AFC CEO and president, is leaving the company for professional and personal reasons.