Trader Interactive, parent company of online marketplaces in the lifestyle vehicle and commercial equipment industries, announced the retirement of CEO Lori Stacy after an illustrious 25-year career.
Stacy will be succeeded by David McMinn, who currently serves as the company’s chief operating officer (COO).
Stacy began as a sales manager at Auto Trader in 1997 and steadily ascended through the ranks as she increased focus on non-automotive brands, ultimately moving into the CEO position in 2017, the company said. She leaves a legacy that includes overseeing the transformation of Trader’s business from newsprint magazines to the digital marketplace business it is today. The leadership team identified the opportunity to go digital early on in 1996, and the company launched digital marketplaces to better serve growing consumer demand for online classifieds, it said.
The marketplaces and associated web services continued to grow and prosper under Stacy’s leadership and the ownership of Norfolk, Virginia-based Dominion Enterprises. That growth attracted the attention of private equity companies Goldman Sachs Asset Management and Eurazeo, which in 2017 bought what would become Trader Interactive, making it a standalone company.
carsales.com LTD became Trader Interactive’s third investment partner in 2022 and purchased the remaining shares earlier this year, becoming Trader’s sole owner.
Stacy’s retirement is effective Dec. 14. She will remain closely involved in the business as the chair of the Trader Interactive board.
McMinn will transition to CEO after successful stints as the company’s chief financial officer and COO. Before joining Trader Interactive, he served as COO of Trader Corporation, playing a pivotal role in transitioning that company’s Autotrader business from a print business to become the No. 1 digital automotive platform in Canada, the company said. His background also includes senior leadership roles in sales and operations with the Trader Media Group in the U.K., whose Autotrader.co.uk is the largest digital automotive marketplace in Europe. He also served as the CFO of Sensis Classifieds in Australia.
McMinn’s core objectives as CEO will encompass setting and executing the organization’s strategy, resource allocation and overseeing the executive team. This change in leadership marks a pivotal moment for Trader Interactive, as it looks toward a future of sustained growth and innovation.
“Now is the right time for me to step back and embark on a new chapter in my life so I can focus on my passions and spend more time with my family,” Stacy said. “I have never been more confident in the team and the work we are doing than right now. Our leadership team is the strongest it has ever been, we have an amazing partnership with our owners and I see nothing but positive momentum ahead. TI is a part of me, and I am dedicated to seeing it thrive in the years to come.”
“Lori is a strong, capable leader who built a world-class business attracting happy customers, loyal and passionate employees and satisfied buyers and sellers. She crafted an impressive and enviable culture during her tenure here,” said Cameron McIntyre, CEO of CAR Group (formerly known as carsales.com LTD.) “We are extremely appreciative to Lori for her years of dedication, and we thank her for setting us up so successfully for the next phase of growth.
“We are indeed excited about the future under David’s leadership,” McIntyre said. “David will continue Trader’s legacy of focusing on the customer, working as one team, driving innovation, acting with integrity and building value.”
McMinn said, “Trader Interactive is unique with a thriving culture and so many opportunities to continue to build value for our customers. Lori and the team have built a great business, and I am honored to lead the world class team here at TI. We have an exciting future ahead of us.”