Innovative Funding Services president Tim Janssen, who founded the company in 2007, is retiring from his post on Jan. 1, the company said in a news release.
Chad Shoemaker, who is currently chief executive officer of IFS, will add the role of president to his title.
Janssen managed the role of vice president of business development, a position for which the company is now searching. Janssen has been the president since the company’s inception, and he will remain an IFS principal.
“IFS is as strong as it has ever been. The company is poised for continued growth going forward, and we have an experienced leadership team at the helm. I’m going to be IFS’s biggest cheerleader in my retirement, and I’ll be there to celebrate IFS’s achievements yet to come,” Janssen said in a news release. “Time to pass the baton.”
The company began as a full-service auto loan finance company that financed the purchase of company cars coming out of fleet. These days it provides financing for off-fleet, off-lease and vehicle refinance transactions. IFS operates in 50 states and has more than 140 employees.
Janssen’s background includes time with Ford Credit, Mercedes-Benz Credit and Cobalt Group’s MotorPlace Auto Exchange. He also helped found Fourth Fleet Financial.
“Over my career, I saw how important it is to give customers a seamless financing experience,” Janssen said. “My goal was to deliver a one-stop, full credit spectrum financing service with exceptional customer service. I am proud that we built such a service with IFS.”
Remarketing retirements in 2017
This continues what has been a year of multiple retirements of senior leaders on the remarketing side of the auto industry.
According to the September issue of Automotive Fleet, LeasePlan’s Levi McCoy has retired.
Meanwhile, AuSM reported earlier this month that after 35 years with the automaker, Linda Silverstein — Ford’s general manager of remarketing and rental operations — is retiring this coming Friday.
Greg Thibault, vice president of fleet disposal at Avis Budget Group, is retiring on Oct. 6.
Manheim vice president of industry relations Jay Cadigan retired at the end of August after a 40-year career in the auto industry.
In June, Nicholas Financial announced the retirement of Ralph Finkenbrink as the subprime auto finance company’s president and chief executive, a move that goes into effect Saturday.
Cox Automotive chief economist Tom Webb retired at the end of June.
Dan Kennedy, longtime leader of the remarketing organization at General Motors, retired from the automaker this spring.
In January, Credit Acceptance announced founder Donald Foss, who most recently served as the company’s chairman, had decided to retire as an officer and director.
In June, Jim Yates, president and chief executive officer of Alliance Inspection Management announced his retirement from the company and a move into a 12-month consulting role.
Element Fleet Management announced the retirement of Tom Keilty in April.