As part of pre-planned leadership change, KAR Auction Services on Monday promoted Jim Money to be president of Automotive Finance Corp. (AFC). Money will take over this role with the KAR subsidiary effective on Saturday.

Money, who most recently served as chief financial officer of AFC, will report directly to Don Gottwald, KAR’s chief operating officer.

“During his nearly 17 years with the company, Jim has developed a deep understanding of all aspects of this business and a strong commitment to this industry,” Gottwald said. “He is an accomplished professional who is well-respected by employees, customers and business partners, and we have tremendous confidence in his ability to successfully lead AFC.”

Money’s promotion comes as part of a long-standing and well-executed succession plan. John Hammer, who most recently served as AFC chief executive officer and president, is leaving the company on Friday for professional and personal reasons. He and his family will be relocating to the South, where he has a unique opportunity to lead a retail dealership group.

“AFC has thrived under John’s direction, and we wish him the best in his new endeavor,” Gottwald said. “John has developed Jim to be an exceptional leader and positioned him, and AFC, for continued success.”

Money brings more than 25 years of experience to his new role. While at AFC, he has overseen finance, underwriting, collections and risk management operations. Most recently, he directed the business operations of Preferred Warranties, a vehicle service contract company owned by AFC, and was instrumental in growing the business and expanding its geographic reach.

Prior to joining AFC, Money held a variety of senior management positions within financial and service organizations. Money holds a bachelor’s degree from Indiana University and is a licensed certified public accountant.

Also part of the company’s comprehensive succession plan is the promotion of Amy Wirges to vice president of finance. Wirges, who most recently served as operational controller for AFC, will report directly to Money.

Wirges joined AFC in 2001 and has played an integral role in directing the operation's financial needs, including system conversions, internal control improvement and mergers and acquisitions integration. She brings more than 15 years of experience to her current role and is a seasoned industry veteran with proven leadership skills.

Prior to AFC, she worked in public accounting. Wirges holds a bachelor’s degree from Indiana University and is a licensed certified public accountant.