Will Mitchell Appointed New President of Automotive Finance Corporation
CARMEL, Ind. – In a significant move within the automotive finance industry, OPENLANE, Inc. (NYSE: KAR), a leader in digital marketplaces for wholesale used vehicles, announced the promotion of Will Mitchell as the new president of Automotive Finance Corporation (AFC), effective April 1, 2024. This strategic appointment marks a new era for AFC, signaling continued innovation and growth in vehicle financing solutions.
Mitchell's Extensive Experience and Leadership
Bringing over eight years of dedicated service to AFC, Mitchell will step into his new role, bringing a wealth of experience and a proven track record of leadership and strategic growth. Since 2021, as Chief Operating Officer, Mitchell has been instrumental in expanding AFC's market share and introducing cutting-edge financing solutions for independent dealers. His background is diverse, spanning business development and strategy across multiple industries, further enriched by an eight-year tenure in the Army National Guard.
Direct Reporting to CEO Peter Kelly
In his new capacity, Mitchell will integrate with the executive leadership team of OPENLANE, directly reporting to CEO Peter Kelly. Kelly has expressed high confidence in Mitchell's leadership capabilities and his deep understanding of the company's operations. "Mitchell's appointment is a testament to his exceptional leadership qualities and his holistic grasp of our business functions. We are confident in his ability to drive AFC towards a future of sustained growth and innovation," Kelly stated.
Commitment to Industry-leading Services
Mitchell's promotion follows the announcement of Jim Money's retirement plans, the outgoing president, whose contributions have significantly shaped AFC's success. As he prepares to lead AFC, Mitchell has shared his excitement about the opportunity and his dedication to uphold and enhance AFC's reputation for providing industry-leading services and products to its clientele.
A Transition Symbolizing Growth and Innovation
Mitchell's transition into the role of president at AFC is more than a change in leadership; it symbolizes a commitment to continuous innovation and enhancing the depth of services and solutions in the automotive finance sector. As AFC moves forward under Mitchell's leadership, the market anticipates a surge in strategic initiatives aimed at further cementing AFC's position as a frontrunner in facilitating wholesale vehicle transactions and financing solutions.
This pivotal appointment underscores OPENLANE's strategic vision and dedication to maintaining its leadership in the digital marketplace and the automotive finance landscape, promising an exciting new chapter of growth and innovation.
For more details on OPENLANE and Automotive Finance Corporation's strategic initiatives and leadership, stay tuned to our financial news updates.
Analyst comment
Positive news. The appointment of Will Mitchell as the new president of Automotive Finance Corporation signals continued innovation and growth in vehicle financing solutions. Mitchell’s extensive experience and leadership, along with his dedication to industry-leading services, will drive AFC towards sustained growth and innovation. The market anticipates a surge in strategic initiatives aiming to cement AFC’s position as a frontrunner in wholesale vehicle transactions and financing solutions under Mitchell’s leadership, promoting growth and innovation in the automotive finance sector.
