After two decades in the auto financing industry, Sam Ellis is trying to widen the lane. The co-founder, CEO, and president of Sierra Auto Finance recently launched a new platform with business partner Brett Beebe called DriverUp, which lets consumers shop for, purchase, and finance a car all on one site. It debuted last February as the first online market for auto financing with a direct-to-investor option, which gives accredited investors a conduit into the $379 billion auto lending industry. Before starting Sierra Auto Finance in 2012, Ellis held executive roles at Summit Acceptance and AmeriCredit and also founded Exeter Finance Corp., which he sold to Blackstone in 2011.
Age
48
First Job
Sacking groceries at Minyards
Worst Job
Hanging pizza coupons on doors at 4 in the morning
Company Culture
Service is No. 1. We will do everything we can to make the experience good for the consumer and help dealers get their customers into cars.
Growth Track/What’s New
We are currently in 30 markets; we want to open another 10 markets next year. The newest thing will be the direct consumer feature with an inventory management system that we’re offering auto dealers, where they can post their inventory with full, color pictures, plus a mobile feature for people who are out looking for cars to make it very convenient.
Management Style
Use your strengths. Don’t try to be all things, just use what you’re good at.
Success Strategies
Focus on the customer and everything else will pretty much work itself out.
Lessons Learned
Things always take longer to build than you think.
Other Careers Considered
Professional soccer, real estate development, and law enforcement.
Strength
As a leader, helping people use their own strengths to their advantage.
Weakness
I’m impatient.
Motivation
To see things created. We are creating auto loans as an asset; just look out the window and you can see that there’s a constant flow of cars. The vast majority of people driving have a loan on that car. I’m motivated by creating and building, even though it’s a financial asset, as opposed to a building you can see.
Biggest Challenge
Finding good people.
Family
I have three teenagers, a wife of 20 years, and a dog of 10.
Best Advice Recieved
From my college professor: “When you want to contact someone and get something done, just pick up the phone and call them. Don’t be afraid.”
Secret to Success
Believe in what you’re doing and make sure you’ve got a good team to go do it with you.
