America’s Group, including America’s Auto Auction (AAA) and Axle Funding, announced Dec. 1 that CEO Cam Hitchcock will step down and retire from the company on Dec. 31.
Hitchcock has served as the CEO of the nationwide vehicle auction/remarketing and floorplan finance companies since 2014.
Chuck Tapp —the executive vice president, chief revenue officer and board member since 2014 — will succeed Hitchcock as CEO. Tapp has more than 35 years of experience in the vehicle auction industry.
“We thank Cam for his significant contributions to the development and growth of the company, including the successful integration of AAA and XLerate Group during 2022, and wish him all the best in the future,” said Gary Hokkanen, Partner at Brightstar Capital Partners, in a news release. Brightstar acquired majority ownership of AAA in 2021. “We believe [Chuck’s] experience and reputation in the industry will help AAA grow and continue to provide differentiated services to its customers in 2023 and beyond.”
Tapp added, “I believe that this challenging time in our industry will also bring great opportunities, and the men and women of AAA are poised to capitalize on them and leverage both our digital and physical auction sites to redefine the remarketing industry.”
Hitchcock said his retirement was a tough decision. “The relationships we’ve developed over the years are very important to me, and the excitement of combining XLerate Group and America’s Auto Auction almost a year ago transformed and united both companies and changed industry dynamics.” I have no doubt that AAA will continue to flourish under the leadership of Chuck and the entire senior leadership team.”
America’s Auto Auction is a full-service used-vehicle auction services provider that facilitates the wholesale remarketing of used vehicles for B2B customers. Based in Carmel, Indiana, AAA handles the selling and buying of used vehicles at physical auction sites across 19 states and on digital platforms.