Automotive Finance Corporation (AFC), a business unit of KAR Auction Services, Inc., has named Jim Money as its president. He most recently served as CFO of AFC and will assume his role effective June, 25.

He will report directly to Don Gottwald, KAR COO, according to the company.

“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 succession plan. John Hammer, AFC's CEO and president, is leaving the company on June 24. 

“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.”

While at AFC, Money has overseen finance, underwriting, collections, and risk management operations. He most recently directed the business operations of Preferred Warranties, Inc., a vehicle service contract company owned by AFC, and helped grow the business and expand its geographic reach. Prior to joining AFC, he held a variety of senior management positions within financial and service organizations.