TEMPE, Ariz. — Used-car retail DriveTime named a new CEO to replace Ray Fidel, who stepped down as the company's chief executive in January.

The company announced that Don Reese, who most recently served as COO for Fairfax, Va.-based Sheehy Auto Stores, will join the company in early March as its new CEO. He will also serve on the boards of directors for DriveTime and its third-party loan servicer, Bridgecrest Acceptance Corp.

“We are very excited and pleased to welcome Don to DriveTime,” said DriveTime Chairman Ernie Garcia. “Don's considerable leadership and operational experience in new and used auto sales, as well as his background as a CFO, make him an ideal candidate to lead DriveTime at this time. We continue to reinvent our dealership and digital customer experiences and offerings, and expect to begin acquiring new car dealerships beginning in 2018. I also view him as a very valuable addition to our boards."   

Reese brings more than 30 years of automotive retail experience. He spent 11 years as the COO and CFO for Maroone Auto Group, six years as senior vice president of operations in AutoNation’s Midwest region, and 15 years as COO at Gurley Leep Automotive.

DriveTime operates more than 144 corporate-owned dealerships in 27 states.