Irvine-based automobile dealership insurer SouthWest Dealer Services named Vernon Leake chief executive.
Leake succeeds Eric Hamann, who remains with the company as president.
SouthWest Dealer Services provides finance and insurance products to auto dealerships in 16 states and is a portfolio company of Spencer Capital Holdings Ltd. in New York.
Leake’s new position comes a month after the company acquired on undisclosed terms United Insurance Group, an insurance broker in Chicago, and Olympic Dealer Marketing in Seattle, which provides after-market vehicle products and services at auto dealerships.
Leake previously served as senior vice president of SouthWest Dealer Services’ reinsurance services and as a managing director at Spencer Capital Holdings, which acquired SouthWest Dealer Services on undisclosed terms last year.
Leake “is an exceptional leader and has the skill set needed to lead the company as we continue to grow SouthWest, both organically and through strategic acquisitions,” said Ken Shubin Stein, CEO and Chairman of Spencer Capital Holdings.
Stein said the plan is to expand SouthWest Dealership Services—organically and by acquisition—beyond its current clients in the Western U.S.
SouthWest Dealer Services has annual revenue of $100 million, employs 360 companywide and serves 650 dealerships in 16 states.
