AFC President Jim Money Plans to Retire Next Year

Automotive Finance Corporation (AFC) President Jim Money will retire April 1, 2024 after 25 years in various company roles and a career spanning 36 years.

AFC provides financing for used vehicle inventory among 14,000 independent dealers in the retail and wholesale automotive space across the U.S. and Canada. It is owned by OPENLANE, an operator of digital marketplaces for wholesale used vehicles.

Money assumed his current role in 2016 and leaves a legacy of nearly 25 years of purpose-driven leadership, growth and innovation at AFC, the company announced in a Dec. 14 news release. AFC has started a national search for Money’s successor.

“No one is more passionate about our customers, our people and the power of purpose-driven culture than Jim,” said Peter Kelly, CEO of OPENLANE, in a news release. “His positive influence and focus on relationships are evident across every AFC branch and in every customer interaction. Jim’s personal commitment to mentorship and talent development has yielded a strong internal bench that, alongside robust external interest, ensures we have a broad pool of well-qualified successor candidates.”

Money began his tenure with AFC in 1999, when he joined the company as controller. Over the next 17 years, Money progressed through various roles of increasing responsibility, culminating with his promotion to president in 2016.

Under his leadership, AFC became known for its differentiated service model anchored in relationships. He also established a best-in-class risk management approach and accelerated the company’s digital transformation.

Before joining AFC, he held financial leadership roles at companies in the investment, transportation, and other industries.

“For more than two decades, it has been my privilege and joy to serve independent dealers and help fuel their dreams and success,” Money said in the release. “While this decision is certainly bittersweet, we’ve built an amazing and talented team at AFC passionate about helping our customers and supporting each other. I’m proud of what we’ve accomplished, together, and confident the great work we’re doing will continue as the next generation of leadership steps forward."