IMotors.com has selected an old-economy businessman as its chief executive.
Lloyd Ward, former CEO of Maytag, was named iMotors.com CEO Monday, Jan. 8. Adam Simms, iMotors' founder, will continue as president.
Ward was with Maytag for five years, and became CEO in August 1999. He resigned in November 2000. Prior to his stint at Maytag, Ward was with Pepsi-Cola Inc. for almost eight years, holding senior positions in its Pepsi-Cola and Frito-Lay divisions. He also worked at Procter & Gamble.
IMotors.com is an Internet company that finds buyers for used vehicles.
Simms said Ward brings a wealth of experience and an understanding of brand building to iMotors.com. He said Ward is instrumental in iMotors.com's expansion plans.
Ward, 51, said he has spent his career in old-economy companies, crafting brands and products that create value for consumers.
He said he joined iMotors.com because he believes its business model incorporates old-economy values into an Internet environment.
'It's a high-energy, fast-paced organization,' Ward said.
Imotors.com does not purchase a vehicle until it has a buyer for it. That means the company avoids many of the expenses associated with used-car lots, such as floor planning and real estate.
Customers visit the Web site, www.imotors.com. They specify the kind of used vehicle they want. iMotors' call center searches its database of auction, off-lease and other sources looking for a vehicle to match.
When a vehicle is found, the company buys it, refurbishes it and ships it to the customer, usually at a cost below Kelley Blue Book value. A seven-day/700-mile, guarantee and a three-month/3,000-mile warranty are included.
The company declined to disclose sales figures.