Squires takes over from Nigel McMinn who has departed to Lookers plc.
Following his brief spell as executive chairman, Squires has now assumed the day-to-day running and control of the £500m turnover business.
Squires said: ‘I am absolutely delighted to be back at the helm of our family business, whilst naturally disappointed that Nigel has decided to move on to pastures new.
‘We have built a very strong executive board and senior management leadership team in recent times and I am both excited and proud to be leading the company’s management team once more.
‘We also have an exciting capital investment programme going on at the moment, and I am very much looking forward to developing and growing our family business long into the future.’
Benfield employs more than 1,500 members of staff across 34 dealerships in the north east of England, Yorkshire, Cumbria and south west Scotland.