Stephens announced managing director Joe Mowery now will head the investment banking dealership practice, following 20 years as head of the department’s power and industrial technology group.

The independent financial services firm said Mowery assumes the role from Matthew Marks, who was recently named Stephens’ head of investment banking.

Stephens’ investment banking dealership practice provides a full suite of services to auto, truck, recreational vehicle, boat, agriculture and equipment dealerships, vehicle auctions and other related product and technology vendors.

“Joe is a seasoned banker and team leader who brings strong relationship building skills and transactional experience to this role. His background also includes prior dealership experience, and he has a passion for the industry,” said Matthew Marks, executive vice president and head of investment banking at Stephens. “Joe is well-suited to build on our momentum and, in my new role, I look forward to working closely with him and our dealership clients.”

Stephens has been a significant presence in the dealership space for nearly 30 years and is a premier full-service investment bank with both an advisory practice and institutional equity research covering the industry.

In the last eight years, the practice has advised on more than $14 billion of transaction value, involving more than 340 dealerships, including the sale of Van Tuyl Group to Berkshire Hathaway, one of the largest transactions in auto retail history.

“It is a privilege to assume the leadership of Stephens investment banking dealership practice, and I am excited about furthering our franchise,” Mowery said. “Stephens is fortunate that Matthew will remain involved in our work; and we also have the continuity provided by experienced team member, Stan Dimitrov, as their industry insights and relationships are invaluable.”

Stephens also announced that in connection with Mowery’s transition to the dealership group, Ross Rucker will assume the leadership role of the power and industrial technology group.

Rucker has almost 25 years of investment banking experience at Stephens, most of that focused on this industry.

“Ross has been a great partner to Joe and, more importantly, to our clients for over two decades,” Marks said. “A highly respected expert in this industry, Ross has been critical to the success of the Power and Industrial Technology group. This is a dynamic market segment of increasing importance, and we are thrilled Ross will continue to drive the success of the practice.”