Overview
DriveTime Automotive Group Inc. is a leading American used car retailer and finance company headquartered in Tempe, Arizona. As the nation's largest integrated used-auto dealer, DriveTime operates over 135 dealerships across 26 states. The company offers comprehensive vehicle sales and financing solutions, simplifying the car buying process and enhancing customer experience for a diverse clientele.
Leadership
DriveTime’s success is largely attributed to its strong executive leadership:
- Scott Worthington, Chief Executive Officer since January 2021, has been pivotal in enhancing operational efficiency and expanding market reach.
- Mary Leigh Phillips serves as the CEO of SilverRock and Bridgecrest, subsidiaries that focus on integrating digital financial services to provide innovative solutions.
- Dan Gaudreau, Chief Financial Officer since May 2016, ensures financial oversight and strategic planning, also holding roles as Treasurer and Director of Finance.
Strategic Focus
DriveTime leverages technology and innovation to redefine the pre-owned car buying experience, using proprietary tools and over two decades of industry knowledge to offer seamless vehicle ownership options. The company's strategic focus is geared towards improving the lives of its customers, employees, and communities it serves.
Culture and Diversity
The company prides itself on fostering a diverse and inclusive work culture. Recognized with awards for leadership in diversity, DriveTime emphasizes collaboration, career growth, and a supportive environment for employees to flourish and make valuable contributions.
Social Responsibility and Community Engagement
DriveTime is committed to giving back to the community through active participation in volunteer events supporting causes like Women in Blue, PRIDE, and St. Vincent de Paul. The company also emphasizes veteran hiring to aid in their transition to civilian careers.
Opportunities for Professionals
DriveTime actively recruits across various roles in auto tech, sales, and corporate positions in the U.S. Its internship programs, based in Tempe, Arizona, and Dallas, Texas, signify the company's dedication to nurturing future talent via practical work experience and mentorship.
Competitor Profiling
DriveTime operates in a competitive used vehicle retail market, facing significant competition from several key players:
Direct Competitors
- CarMax, Inc.: The largest used vehicle retailer in the U.S., offering an omni-channel retail strategy. It reported a revenue of USD 18.95 billion and net income of USD 2.37 billion in FY2021, with over 238 locations nationwide.
- AutoNation, Inc.: A leading retailer with a diverse portfolio of new and pre-owned vehicle sales, reporting revenues of USD 25.8 billion (2021) and USD 26.99 billion (2022). It operates over 300 outlets, focusing on digital innovation and partnerships.
- Carvana Co.: Known for its online-only used car sales model, Carvana continues to evolve with AI-driven logistics and inventory management despite financial restructuring. Its 2023 revenue was USD 10.8 billion.
- Vroom, Inc.: Although Vroom pivoted to automotive finance, its previous online sales model set a precedent for end-to-end sales processes.
- EchoPark Automotive: A part of Sonic Automotive, offering competitive pricing and customer-focused service from its Charlotte headquarters, pursuing nationwide expansion with a focus on budget-friendly quality vehicles.
Market Dynamics and Strategies
DriveTime’s competitive advantage lies in tailored financing options for customers facing credit challenges, in concert with Bridgecrest and other partners. Enhancements in digital offerings could bolster its standing against CarMax and Carvana’s strong online platforms. Strategic partnerships and technological enhancements could further solidify its positioning in the market.
