John Hammer, president of wholesale auction business ADESA, plans to exit the company at the beginning of February.
His departure from the top job at the auction giant comes less than nine months after ADESA's U.S. operations were acquired by online used-vehicle retailer Carvana Co.
Hammer will join Spectrum Automotive Holdings Corp., a finance and insurance products provider based in Fairfield, N.J., as its CEO. He succeeds Jim Polley, who founded the company in 1999. Polley will stay on Spectrum's board of directors.
Hammer, 52, will start at Spectrum on Feb. 6, according to a news release.