Off Lease Only Founders, Eileen Fischer and Mark Fischer, will keep a 20% stake in the company and stay on to continue providing support and guidance.
Currently, Off Lease Only has four retail locations in Florida and a digital platform and is considered to be one of the biggest independent used vehicle dealers in the United States. The company currently has around 850 employees and boasts an easy and quick car buying experience for its consumers and offers superior customer service.
“Off Lease Only’s tremendous success is a testament to its strong business model and the unmatched value proposition it offers customers,” said Scott Wille, Co-Head of Private Equity and Senior Managing Director at Cerberus. “We look forward to working with Mark, Eileen, and their talented team to expand the Company’s footprint and further strengthen the business through strategic investments and the integration of operations and technology initiatives.”
Mark Fischer, Co-Founder of Off Lease Only, commented, “From our humble beginnings, Off Lease Only has grown into a market-leading business thanks to the hard work and commitment of our outstanding team. Eileen and I are thrilled that Cerberus recognizes our talented employees, superior platform, and best-in-class customer service. Cerberus brings extensive financial, operating, and industry expertise and positions Off Lease Only better than ever for its next phase of growth.”
As apart of the Cerberus purchase, Leeland Wilson will join Off Lease Only as their Chairman and CEO. Mark Fischer will stay on-board with the company as its Co-CEO to help with the transition. After that Fischer will continue on as a member of the Executive Committee of the Board.
Mr. Wilson brings over 30 years of experience from within the industry and more recently served as the Executive Chairmen of Carrier and Technology Solutions for a large insurance outsourcing company in Florida.
Mr. Wilson stated, “I am excited to join Off Lease Only and look forward to working with their exceptional team to execute on the many growth opportunities ahead. Through this partnership with Cerberus and the Fischers, we will be able to position Off Lease Only for continued success while maintaining the customer-focused business model that has always been the foundation of the Company.”