Dallas new- and used-vehicle leasing company MUSA Auto Finance has changed its name to Drivrz Financial and replaced its top executive as it ramps up its used-car leasing business.
MUSA Holdings parent, PowerBand Solutions Inc., said April 8 that MUSA will now be run by Jon Lamb, 49, who also is president of the Canadian technology company's automotive marketplace Drivrz, which is still under development. He will keep both roles moving forward. The name change was announced the next day.
Lamb replaces MUSA CEO and founder Jeff Morgan, who formed the company in 2016 alongside Richard Frunzi, former co-founder and COO of Exeter Finance Corp.
The leasing company abruptly halted new business in 2018 after a partnership with Tesla Inc. overwhelmed its capital resources. The company resumed leasing under new leadership, shortly after PowerBand signed an agreement to acquire 60 percent of MUSA Holdings and its subsidiaries in July 2019.
Drivrz Financial's transaction platform accepts consumer credit applications and calculates leases and auto-decision applications within seconds. With the rebranding, the company's goal is to consolidate its U.S. sales and financing platforms to become a "one-stop marketplace" for consumers and auto dealers to buy, sell, auction and insure vehicles on any device, Lamb told Automotive News.
"We're happy to let the dealer participate, but if a dealer wants to engage with a customer and present their own numbers and present their own products, they can inside of our portal," Lamb said. "It's just a marketplace, like Amazon. We're bringing buyers and sellers together."
Currently, the site has no vehicle inventory, Lamb said. More than 3,000 Tesla leases will mature in Drivrz's portfolio in the next six months, resulting from a previous arrangement with the electric vehicle maker.
The company also has hired industry consultant Craig Vaughn as MUSA's president. Vaughn held national and regional finance director positions at Asbury Automotive Group from 2002 to 2010, and was a partner at Houston retail consultancy Income Development Partners since 2012.