Trader Interactive CEO Lori Stacy to retire
COO McMinn to lead online vehicle marketplace
Trader Interactive CEO Lori Stacy will retire Dec. 14 and Chief Operating Officer David McMinn will succeed her in leading the Virginia Beach-based online marketplace for boats, recreational vehicles, motorcycles and other niche vehicles.
Stacy, who has served as CEO since 2017, will take on the new position of chair of Trader Interactive’s board after her retirement, the company announced Monday. She joined the company as a sales manager in Florida in 1997, when its predecessor company, Auto Trader magazine, was owned by Norfolk-based Landmark Media Enterprises. The company evolved into Trader Interactive, an umbrella for several online-only marketplaces, in 2010.
“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 in a statement. “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.”
Australian auto retailer carsales.com acquired 49% of Trader Interactive in August 2021 for $624 million and then announced plans in June 2022 to buy the remaining 51% of the company for $809 million. Trader Interactive’s valuation was estimated to be $1.87 billion at the time, making it a unicorn in venture capital parlance, or a privately held startup with a total market value of $1 billion or more.
McMinn has served as chief operating officer and chief financial officer at Trader Interactive. Before joining the company in October 2022, he was COO of Trader Corp., a Canadian classified advertising company. He has also served in senior leadership roles in sales and operations with the Trader Media Group in the United Kingdom. He also served as CFO of Sensis Classifieds in Australia. He was named COO of Trader Interactive in April, and a new COO has not yet been named.
“Trader Interactive is unique with a thriving culture and so many opportunities to continue to build value for our customers,” McMinn said in a statement. “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.”
Trader Interactive runs marketplaces for buyers, sellers and renters of powersports and recreational vehicles, aircraft, marine and commercial vehicles, and heavy equipment. It reaches more than 9 million unique monthly users through brands such as Cycle Trader, RV Trader, Commercial Truck Trader and Equipment Trader.