Thursday, Feb. 24, 2022, 09:34 AM
Following its acquisition of America’s Auto Auction, XLerate Group has brought the Auction Credit Enterprises (ACE) and XL Funding (XLF) floor plan finance companies under common leadership. XLerate — which is the parent company of America’s Auto Auction and XLerate Auctions, Liquid Motors as well as the two aforementioned floor plan providers — has named Chris Burton the president of both ACE and XLF. He was previously ACE’s chief operating officer, but will now head up both floor plan companies. “Chris helped ACE grow its footprint from five to 14 markets served and enhanced the customer experience by establishing a dealer portal,” XLerate chief executive officer Cam Hitchcock said in a news release. “These efforts led to a three-fold increase in ACE’s loan portfolio and six-fold increase in their earnings.” He added: “We’re happy to have Chris’ industry expertise and strong leadership as we integrate these two floorplan companies. His talents will enhance our ongoing commitment to introduce products and services that facilitate growth for our dealer customers.” XLerate closed its purchase of America’s Auto Auction
last month, a deal initially announced in December that also brough America’s ACE property under its umbrella.
Burton joined the America’s organization in 2015, following time with KPMG. “With both ACE and XLF providing services for floor plan financing, integrating our resources will benefit current customers and pave the way for future growth,” said Burton. “I am honored to lead these companies and plan to focus our vision going forward on the continued evolution of our customer experience and service offerings.”