Fuel Capital Group has appointed Rick Collins, a former automotive finance executive, to replace Peter Wasmer as chief executive, the company has announced.
Wasmer will continue to serve on the board of directors and in an advisory capacity. The decision to find new leadership was based on expected “stronger growth prospects” that the board sees the company developing over the next three to five years, which “necessitates experience” to guide the firm, according to a press release.
“On behalf of the Fuel Capital board of directors, we are very pleased Rick has joined our team of professionals to put our unique business on an exponential trajectory,” Wasmer said. “Rick’s exceptional leadership and experience in the automotive finance sector is well-known. He is very well respected, and has the necessary skill set to grow the team and the systems that will be the backbone of our fast-growing company.”
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Collins has worked in the financial services industry since 1983. He has held executive and sales positions for companies such as Bank One Credit Co., Sovereign Bank, CitiMortgage and CitiFinancial Auto. Prior to joining Fuel Capital, Collins was president and chief executive of Encore Automotive Acceptance, an automotive finance company servicing 1,200 dealers. He also has startup experience and served as CEO of subprime auto lender Peak Acceptance.
“I would like to thank Peter and the board of directors for this incredible opportunity to build a powerhouse brand,” Collins said in the press release. “Together with the firm commitment from our partners, we will apply the extraordinary technology platform that was built by the Fuel team and employ it across multiple sectors, resulting in quick and profitable growth.”
Fuel Capital provides leases for Harley-Davidsons and Indian Motorcycles. Based in Naples, Fla., the company works with more than 190 dealers in 20 states.