Car-O-Liner announced Eddie Gutierrez as the new owner and president of Car-O-Liner distributor Performance Tool & Equipment Inc. in Albuquerque, N.M.

Gutierrez, who spent 25 years in commercial banking, took over the company from Ben Padilla earlier this year. Gutierrez chose to purchase Performance Tool and Equipment after concentrating on the business’ financials.

“My parents were small business owners, so when I was ready to move out of banking, I found that I wanted to do the same,” he said. “I concentrated on the business – it was strong and profitable and I thought it would be a good fit for me.”

Padilla remains as a part-time employee and serves as sales manager. Gutierrez said that thus far, the transition has been smooth.

“Ben staying on board with sales has really made for a good partnership for this company,” he said. “The employees have been pretty positive throughout the transition. We have gotten comfortable and business is back as usual.”

The distributor has 18 employees, including two added since the change of hands. It sells paint products, spraybooths, fluid recovery systems, and frame and welding products produced by Car-O-Liner Company.

“This has been a big learning curve,” Gutierrez said. “I’ve been learning the products and the equipment side and truly enjoying it. Ben’s been great with any questions I have. I’m looking forward to what the future holds.”