Tom Caruso was named CEO of ADESA Inc., the auto-auction unit of KAR Holdings Inc., Tuesday.
Caruso, previously ADESA's COO, replaces Jim Hallett, 56, who moves up to become CEO of KAR Holdings. Brian Clingen gives up the KAR Holdings CEO title, but remains chairman. KAR Holdings said the changes were immediate.
KAR Holdings includes ADESA and its 61 used-vehicle auctions; Insurance Auto Auctions Inc., a salvage auto-auction company; and Automotive Finance Corp., which provides funds to the used-vehicle industry.