NEW YORK, Sept. 16, 2019 /PRNewswire/ -- GPB Capital Holdings, LLC (GPB Capital) announced today that the Board of Managers of GPB Capital's automotive strategy has appointed Kevin Westfall as Interim CEO of Prime Automotive Group. Westfall has over 40 years of experience in the automotive industry. He currently serves as Chairman of GPB Capital's automotive strategy, a position he will retain.
Westfall, 63, was most recently the co-founder and CEO of Vroom, the second largest online, pre-owned vehicle sales organization in the country. Prior to founding Vroom, Mr. Westfall spent 14 years at AutoNation, the largest automotive retailer in the United States, as Senior Vice President of Sales responsible for overseeing $13 billion in revenue across the company's profit centers. This included new and used vehicle sales, service, parts, collision, finance and insurance.
Before joining AutoNation, Westfall was the Founder and President of BMW Financial Services, the captive finance arm of BMW. During his seven years at BMW Financial, Westfall grew the company from $700 million to $7.2 billion in assets. Earlier in his career Westfall was also the Manager of Chrysler Financial's Retail Lease Portfolio and Founder and CEO of World Automotive Sales and Leasing.
"Kevin brings a wealth of automotive industry knowledge and management experience to the table," said Jovan Sijan, Senior Managing Director for GPB Capital. "The leadership Kevin has displayed in his time over the past several months as Chairman has clearly demonstrated he is the right choice to guide the business."
Westfall said, "GPB Capital's automotive strategy is a strong business with a great group of dealerships and tremendous talent. I am excited to take a hands-on approach and lead the company to implement improvements. We will be working very hard in the coming weeks and months to drive superior execution, with a particular focus on unlocking value through cost management, marketing and F&I (Finance & Insurance) growth."
Westfall replaces David Rosenberg who has been relieved of his duties.
Prime Automotive Group
Currently Prime Automotive Group represents 56 dealerships and 28 brands, and is organized into five regional platforms across eight states, and is forecast to generate approximately $3.2 billion in annual revenue for all of 2019.
About GPB Capital Holdings, LLC
GPB Capital is a New York-based alternative asset management firm that seeks to acquire income-producing private companies. GPB Capital seeks to provide its operating companies with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has raised more than $1.5 billion in capital. For more information, please visit www.gpb-cap.com.
|CONTACT:||Nancy J. Sterling, APR|
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SOURCE GPB Capital Holdings, LLC; Prime Automotive Group