DriveTime on Tuesday morning announced an executive succession process.

The company said DriveTime chief executive officer Ray Fidel entered into definitive agreements in late November for Fidel's transition out of his role as CEO in December. DriveTime indicated the transition process is complete, and the company is currently searching for a CEO for its retail operations.

"We've built a great foundation for the next chapter in the DriveTime story. While we’re looking for a retail CEO, I’m very confident our current leadership team will get us to the next level,” DriveTime chairman Ernie Garcia said.

DriveTime was founded in 2002 and operates more than 144 corporate-owned dealerships in 27 states, employs over 3,500 people across the country and serves over 100,000 customers each year. DriveTime has sold more than 1,147,329 used vehicles to consumers of all credit types and services a $2 billion portfolio through sister company Bridgecrest Acceptance, a licensed third-party servicer for servicing installment contracts for DriveTime and other affiliated finance companies.

Bridgecrest launched during the second quarter of 2016.