Three top executives at Cox Automotive subsidiary NextGear Capital have left the company, a spokeswoman confirmed, including a Cox Automotive corporate leader. An interim head for the floorplan financing unit has been appointed from within the company until a permanent replacement is found.
Shane O’Dell, president of Cox Automotive Financial Solutions Group, is among the departed executives.
O’Dell, who had formerly been COO at NextGear, returned to lead the company in 2016 as part of his responsibilities as president of Cox’s financial services group. Prior to that, O’Dell was one of the founding members of Dealer Services Corp., a used-vehicle floorplan company for independent dealers that merged with Manheim Financial Services to form NextGear Capital in 2013. O’Dell reported directly to Mark O’Neill, COO of Cox Automotive, prior to O’Neill’s retirement in February.
Randy Dohse, senior vice president of sales and operations, and Eric Hurst, vice president of operations, have also left NextGear Capital.
In an emailed statement to Automotive News, a spokeswoman from Cox confirmed the executives had left the company. She didn’t confirm timing of the departures.
Dave Horan, NextGear Capital’s vice president of finance, was named NextGear’s interim leader while the company searches for replacements, Cox Automotive said in a statement.
NextGear Capital provides flexible lines of floorplan credit for dealers to purchase new- and used-vehicle inventory.