TEMPE, Ariz. -

DriveTime created a new executive position and filled it on Wednesday with a former member of the investment team at Wells Fargo.

According to a news release, taking on this newly created role as assistant vice president of corporate development is Chase McDonough, who will be focused on expanding DriveTime’s product offering within the auto retail and consumer lending model and adjacent related businesses. 

DriveTime highlighted that McDonough is an experienced investment banker with a deep understanding of the auto and consumer finance space, extensive transactional experience and a passion for learning.

In his previous role at Wells Fargo, McDonough led financing arrangements across a wide range of sectors including auto, credit card, student lending, handset, solar and whole business securitization. He also has experience working on both buy and sell-side M&A transactions in the consumer finance sector. 

“We’re thrilled to welcome Chase McDonough to the DriveTime family and to our senior team in this newly created position,” DriveTime chief financial officer Mary Leigh Phillips said.

“We believe his talent and contributions will help shape the future of DriveTime as we strive to create opportunities and improve lives for our customers and employees,” Phillips added.

For more information about DriveTime, visit drivetime.com.