News

Off Lease Only joins forces with Cerberus Capital

on

Off Lease Only joins forces with Cerberus Capital

This has been quite a year. We have all worked tirelessly to streamline our processes, and push towards our best year yet. Our hard work is paying off, and we are ready to take Off Lease Only into its next phase, growth! To that end, we knew that this wasn’t something we can do alone and we have searched for the right partners to help drive Off Lease Only’s long-term growth and expansion.

I am excited to share that Cerberus Capital Management, one of the world’s leading private investment firms with over 40 billion dollars in assets, has acquired 80% of Off Lease Only. As part of the acquisition, Eileen and I will continue to own 20% of the Company, and we will remain deeply involved in the business as we enter the next chapter in our story. A copy of the press release issued this morning is attached for your reference.

Eileen and I look forward to working with Cerberus, and believe their interest in Off Lease Only is a reflection of what we have all built together – a strong business with talented employees, a superior platform, and best-in-class customer service.

By way of background, Cerberus was founded in 1992 and invests in companies across a range of sectors, including automotive and auto finance. They were attracted to Off Lease Only because of our strong foundation and exciting growth opportunities. The Cerberus team has extensive operating expertise, and helps the companies they acquire grow through strategic initiatives that build on the companies’ unique strengths. We are confident that together we can expand Off Lease Only’s footprint and grow our business, while maintaining the customer-focused business model that is the foundation of our Company.

Off Lease Only

Off Lease Only was proud to win the prestigious DealerRater of the Year for the entire United States!

I am also excited to inform you that Lee Wilson will be joining us as our new Chairman and CEO. Lee has over 30 years of experience leading high-quality businesses, most recently as Executive Chairman of Carrier & Technology Solutions. As the former Vice Chairman and Chief Financial Officer of Chrysler Financial, and a senior professional at National/Alamo and AutoNation, I am confident that Lee understands our market and business well.

I will remain on as Co-CEO, alongside Lee, to ensure a smooth transition. Going forward, I will remain deeply involved. I will continue to source our inventory vehicles, and will remain as a Board Member and member of the Executive Committee of the Board. The rest of our team will be here as well, Ejola, Brian, James, Monique and Rebecca will all continue in their executive roles. Bob Harris and John Murphy will also continue to lead their areas of the company through this new exciting period of growth. Everyone is committed to making this partnership a success.

We hope you share our excitement about welcoming Lee and Cerberus as long-term partners who are committed to investing in and supporting our continued success. This is an exciting time for all of us at Off Lease Only, and we expect Cerberus’ investment to create great opportunities for employee growth and development.

For now, it will be business as usual and I ask that you remain focused on your day-to-day activities.  We will set up a time soon for everyone to meet Lee and hear from him directly. If you have questions in the meantime, please do not hesitate to reach out to your manager.

I appreciate each and every one of you for your hard work and dedication to Off Lease Only. Your support has allowed us to build a market-leading business with a stellar reputation and a bright future ahead. We would not be where we are today without all of you.

Thanks!

Off Lease Only - Edmunds 5 Stars Dealership

 

Recommended for you

You must be logged in to post a comment Login

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.