CARFAX Announces CEO Retirement And Succession Plan
CARFAX announced the retirement of CEO Dick Raines effective November 30, 2021, with Bill Eager set to take over on December 1, 2021. Raines, who has led the company for 30 years, highlighted CARFAX's strong position and innovative capabilities. Eager, who has been with the company for 17 years, expressed confidence in CARFAX's future, focusing on the brand's trust and data-driven solutions for the used car market. The company continues to evolve its offerings to enhance consumer confidence in buying used cars.
- Successful leadership transition with Bill Eager's promotion as CEO.
- Strong brand recognition and consumer trust established over 30 years.
- Continued innovation in data-driven solutions for used car market.
- None.
CENTREVILLE, Va., Sept. 20, 2021 /PRNewswire/ -- CARFAX today announced that Dick Raines plans to retire as chief executive officer (CEO) on November 30, 2021. Vice President Bill Eager will become the new CEO of CARFAX on December 1, 2021.
"It's been my honor and privilege to work with Team CARFAX for the past 30 years in fulfilling our mission to help millions of people," said Dick Raines. "I'm incredibly proud of all we've accomplished together, including the unique assets we've built in our data and global brand recognition. The time is right for me to step down. Our business, leadership, culture, and future are stronger than ever. CARFAX is in great shape with Bill as its next leader. His strategic insights and operational excellence, combined with the support of an all-star management team, ensures a bright future for CARFAX. Our best days are ahead of us."
Bill Eager brings extensive consumer information products expertise to the position, serving as vice president of CARFAX for the past 17 years. In that time, he has helped ensure valuable information from CARFAX is available at every turn that connects dealers and consumers. His teams establish and expand long-term partnerships with tens of thousands of dealers through valuable programs like CARFAX Advantage, and help those dealers create customers for life. Prior to joining CARFAX, Bill was part of the leadership team at The Cobalt Group, an automotive digital retailing company.
"I'm supremely confident in our future because of our history," Eager said. "We've worked hard to build CARFAX into a household name that's synonymous with confidence and trust. CARFAX will continue to be at the forefront of innovation. With every new technology that emerges, we meet the challenge of using them to deliver CARFAX information in new and improved ways. All the pieces are in place – a clear strategy, trusted brand, powerful data, continuity of leadership, and the conviction of everyone on Team CARFAX that we're stronger together. I want to thank Dick for his visionary leadership and look forward to carrying on our mission."
CARFAX fundamentally changed how people buy and sell used cars by introducing transparency and consumer confidence to the used car market through the relentless pursuit of data. The company evolved from offering a single product – the CARFAX Vehicle History Report – to an exclusive suite of data-driven solutions that help people confidently shop, buy, service, and sell used cars.
"We've been aligned with CARFAX for many years because we know the confidence it gives our customers and see how it shifts their mindset about buying a used car," said Chris Little, VP at Hendrick Automotive Group. "With CARFAX, consumers feel good about the process and have more trust in both the dealer and the car. I think the world of Dick and Bill and the work they've done at CARFAX to help dealers. The entire CARFAX team has done a tremendous job helping people understand and embrace the value of data throughout the life of a vehicle."
About CARFAX
CARFAX, part of IHS Markit (NYSE: INFO), helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX vehicle history information. The expert in vehicle history since 1984, CARFAX provides exclusive services like CARFAX Used Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX® Vehicle History Report™ to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post and Glassdoor.com. Shop, Buy, Service, Sell – Show me the CARFAX™. Based in London, IHS Markit is a world leader in critical information, analytics and solutions.
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SOURCE CARFAX
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