Lloyd Ward Joins iMotors As CEO And Chairman Of The Board
SAN FRANCISCO--Jan. 8, 2001--iMotors, the pioneering direct-seller of certified used vehicles, today announced that former Maytag chief executive Lloyd Ward is joining the company as CEO and Chairman of the Board. Adam Simms, iMotors' founder, will continue as President of the company.Prior to joining iMotors, Ward, 51, was Chairman and CEO of Maytag, the $4.3 billion leading manufacturer of home and commercial appliances with over 25,000 employees. Before joining Maytag in 1996, Ward held senior positions at Procter & Gamble and PepsiCo, with broad responsibilities for managing, operations and marketing. Ward also serves as a member of the Board of Directors of both General Motors and J.P. Morgan Chase & Co.
"I am extremely pleased Lloyd will be leading iMotors," said Adam Simms, iMotors' President and founder. "He brings a wealth of experience and ability, including an incisive understanding of brand building. With Lloyd on board, iMotors is poised for significant expansion."
"In my career I've seen what it takes to build a world class company - a passion for the customer, a long term vision, the infrastructure to execute, and a business model that creates value for both the customer and the company," explained Lloyd Ward. "I see all of these traits in iMotors. I'm impressed by what iMotors' team has accomplished to-date, and I'm eager to contribute to the company's continued growth."
Over the past twelve months, iMotors has completed a number of initiatives designed to prepare the company for considerable growth in the coming year:
Raised $62.5 million in Financing.
In September 2000, iMotors closed its latest round of financing, raising more than $62.5 million. This was one of the largest financings to be secured by a company since the stock market downturn in March 2000. Since inception, iMotors has raised more than $139 million in funding.
Extended Geographic Reach.
Since Spring 2000, iMotors has expanded its on-the-ground presence to include customer delivery centers in 17 states, giving it access to more than 50 percent of the car-buying public.
Recruited New CFO from Cummins Engines.
In October 2000, Kiran Patel joined iMotors as Chief Financial Officer. Patel came directly from a 26-year career at Fortune 500 company Cummins Engines , where he most recently held the position of CFO.
Expanded Operations.
During 2000, iMotors opened two additional factories for reconditioning and certification of used vehicles - in Cincinnati, Ohio and Atlanta, Georgia. These complement the first iMotors factory in Sacramento, CA, which was expanded during 2000 to three times its original capacity. The addition of the two new factories gave the company national capability to process customer orders. The company also made significant investments to expand its call center capabilities and significantly upgrade its Web site, which serves as the primary customer order channel.
Forged New Partnerships.
Throughout 2000, iMotors continued to secure a broad range of partnerships and marketing alliances with a broad range of consumer brands, including Costco, NAPA, Autobytel, Autotrader, Autoweb, Carfax, Carpoint, Cars.com, Edmunds and Kelley Blue Book.
About iMotors
iMotors is the pioneering direct-seller of certified used vehicles. iMotors redefines automotive retailing, offering consumers extensive selection, higher quality, unprecedented value, and a better buying experience. Customers choose the 1-5 year old vehicle they want online or via toll free number. iMotors locates, buys and ships it to one of their three state-of-the-art factories where the vehicle is inspected, reconditioned, tested and certified before delivery to the customer at a DMV-licensed iMotors Delivery Center located in major markets nationwide.
A privately held company, iMotors is backed by a group of investors including Global Retail Partners, Oak Investment Partners, Trinity Ventures, Vulcan Ventures, and others. For additional information, visit our website or call 888-IMOTORS (888-466-8677).