SOURCE: KAR Auction Services, Inc.

KAR Auction Services, Inc.

June 20, 2016 16:30 ET

KAR Auction Services Promotes Key Leader to Head Finance Division

Jim Money Named President of Automotive Finance Corporation

CARMEL, IN--(Marketwired - Jun 20, 2016) - KAR Auction Services, Inc. (NYSE: KAR), a leading end-to-end vehicle remarketing services provider, today announced the promotion of Jim Money to president of Automotive Finance Corporation (AFC), a subsidiary of KAR, effective June 25, 2016. 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 on June 24, 2016, for professional and personal reasons. He and his family will be relocating to the south, where he has a unique opportunity to lead a retail dealership group.

"AFC has thrived under John's direction, and we wish him the best in his new endeavor," said Gottwald. "John has developed Jim to be an exceptional leader and positioned him, and AFC, for continued success."

Money brings more than 25 years of experience to his new role. While at AFC, he has overseen finance, underwriting, collections and risk management operations. Most recently, he directed the business operations of Preferred Warranties, Inc., a vehicle service contract company owned by AFC, and was instrumental in growing the business and expanding its geographic reach. Prior to joining AFC, he held a variety of senior management positions within financial and service organizations. Money holds a bachelor's degree from Indiana University and is a licensed certified public accountant.

Also part of the company's comprehensive succession plan is the promotion of Amy Wirges to vice president of finance. Wirges, who most recently served as operational controller for AFC, will report directly to Money.

Wirges joined AFC in 2001 and has played an integral role in directing the operations' financial needs, including system conversions, internal control improvement and mergers and acquisitions integration. She brings more than 15 years of experience to her current role and is a seasoned industry veteran with proven leadership skills. Prior to AFC, she worked in public accounting. Wirges holds a bachelor's degree from Indiana University and is a licensed certified public accountant.

About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with approximately 17,000 employees and 300 locations. Together, KAR's complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.

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