Hitchcock will be replaced by Chuck Tapp, the company’s chief revenue officer and executive vice president, according to a news release.
The executive transition comes roughly one year after auction company XLerate Group completed its acquisition of America’s Auto Auction. The combined entity rebranded under the name America’s Group in 2022. As a large 19-state player, it aims to nab more market share in the shifting wholesale auction space and overtake competitors in annual vehicle sales, Hitchcock and Tapp previously told Automotive News.
“This is a tough decision for me as the relationships we’ve developed over the years are very important to me, and the excitement of combining XLerate Group and America’s Auto Auction almost a year ago transformed and united both companies and changed industry dynamics,” Hitchcock said in a statement.
Hitchcock made “significant contributions” to the company’s development and growth, including the integration of America’s Auto Auction and XLerate Group in the last year, said Gary Hokkanen, a partner at Brightstar Capital Partners, the New York-based private equity firm that is the controlling shareholder of the combined entity.
In a statement, Tapp said he is “thrilled to take the reins” of the company.
“I believe that this challenging time in our industry will also bring great opportunities, and the men and women of AAA are poised to capitalize on these opportunities and leverage both our digital and physical auction sites to redefine the remarketing industry,” he said.
Hitchcock has been CEO and a board member of America’s Auto Auction since 2014.