A console assembly includes a base, a transmission shifter and an armrest. The transmission shifter is carried on the base and is displaceable between a plurality of transmission mode defining positions and a storage position wherein the transmission shifter is held within a shifter receiver in the base. The armrest is carried on the base and may be displaceable between a home position and a deployed position wherein a portion of the armrest overlies the transmission shifter in the shifter receiver.