J.D. Byrider, the Indianapolis-based leading used car sales and finance business founded in 1989 by the late James F. DeVoe, Sr., has been acquired by San Francisco Bay Area-based Altamont Capital Partners (Altamont). Altamont plans to provide strategic direction, resources and capital for long-term company growth.

Current President of Franchising Steven E. Wedding will assume the role of CEO, and the J.D. Byrider executive team will remain in place. James F. DeVoe, Jr. will remain as a member of the board of directors and will serve as a consultant to the company.

After more than 20 years of nurturing the J.D. Byrider brand, company leaders realized that to get to the next level, a significant infusion of capital was needed. Stephens Inc. was retained as the company’s financial advisor on the transaction.

“This is a milestone day for J.D. Byrider,” said Wedding. “Our company is and has always been the leader of the used car sales and finance industry. We have a unique franchising model, and our proprietary Discover System is the industry’s premier software platform. With this transaction, J.D. Byrider will maintain its lead position well into the future, fully capitalizing on existing business opportunities, including a large and fragmented market and an expanding customer base.”

J.D. Byrider currently consists of 127 franchised- and company-owned dealerships in 29 states. Founder DeVoe, Sr. was a pioneer for the used car sales and finance industry and created its first franchise.

“Our family supports this transition,” said Andrea L. DeVoe, who has chaired the board since her husband’s death in 2006. “We are pleased to be putting the company in the hands of an outstanding management team and new owners who will expand on Jim’s original vision for J.D. Byrider and provide career advancement opportunities for our employees.”

Altamont prides itself on working with management teams to grow existing businesses and sees the J.D. Byrider investment as an opportunity for long-term growth.

“This is an opportunity to bring innovation, strategic direction and, most importantly, new capital to a business that is ripe for growth,” said Keoni Schwartz, co-founder and managing director of Altamont. “J.D. Byrider will continue to be the driver of this industry and we’re excited to be a part of that process.”