Former ADESA president and chief executive officer Tom Caruso passed away on Tuesday, the auction chain’s parent company KAR Global said in a statement Thursday.
Caruso, who retired in March 2020, spent 40 years in the remarketing business, including time as ADESA’s president and CEO, its chief operating officer and its executive vice president, among other roles.
He was president of the National Auto Auction Association from 2005 to 2006.
Just prior to retirement, Caruso was chief client officer at KAR, a role he had held since 2013.
“It is with tremendous grief and sadness that I announce the passing of my dear friend and colleague, Tom Caruso,” KAR executive chairman and board chairman Jim Hallett said in a statement.
“Tom passed away Tuesday evening after a battle with cancer and leaves a 40-year legacy of leadership and friendship across ADESA, KAR Global and the entire automotive industry,” Hallett said. “On behalf of the KAR Global executive committee, our Board of Directors and the entire KAR Global organization — we send our thoughts, prayers and support to Tom’s wife, children, grandchildren and loved ones.”
Caruso’s auction industry career launched in 1980 when he became fleet manager at Concord Auto Auction, rising to general manager four years later. ADESA acquired the auction in 1992, renaming it ADESA Boston.
A year later, Caruso served as the architect for an expansion of the auction into a new home: a 3-million-square-foot former General Motors facility. Led by Caruso, the auction would subsequently see “rapid growth,” KAR said.
So, ADESA reopened the original Concord Auto Auction location a few years later, as well, renaming it ADESA Concord. Caruso managed both locations, eventually adding a New Jersey and Long Island location to his duties, and soon moving up to a VP role.
Caruso was inducted into the NAAA’s Hall of Fame in 2012. That same year, he was also named to the National Independent Automobile Dealers Association Ring of Honor.
Caruso was previously a board member with the Massachusetts Independent Auto Dealers Association — where he was awarded the Lifetime Achievement Award in 2006 — and the National Vehicle Leasing Association.
“What always set Tom apart, however, was not what he accomplished, but how he accomplished it. Tom was a true servant leader who believed deeply in the power of people — the ability to get anything done through partnership, collaboration and trust,” Hallett said.
“He approached every challenge with enthusiasm and an eagerness to work with others to find the best possible outcome. That is why people gravitated toward him and why we all enjoyed working with him so much,” he said.
“More than anything, Tom was an incredibly kind and genuine person — a man from humble beginnings who never took a person, opportunity nor idea for granted. He was willing to do any job, anytime, anywhere if he thought it would help one of our customers. On a personal level, he guided me through some of the most challenging decisions of my career, and I will treasure the countless memories and milestones we celebrated together over the years.
“Tom’s industry accomplishments are many — so I won’t repeat them all here. But I would encourage anyone in our industry to read our press release announcing his retirement in March 2020. His contributions to automotive remarketing are nothing short of inspirational. And it is that inspiration that will live forever at our company, across our industry and in my heart.”
More: A 2010 Auto Remarketing Profile Series story on Caruso can be found here.
Source : AutoFinanceNews
