FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 3, 2007--AmeriCredit
Corp. (NYSE:ACF) today announced that its operating subsidiary,
AmeriCredit Financial Services, Inc., has completed its acquisition of
Long Beach Acceptance Corp. (LBAC). LBAC was the auto finance
subsidiary of ACC Capital Holdings. The total consideration paid by
AmeriCredit to ACC Capital Holdings in the all-cash transaction was
approximately $282.5 million.
"Long Beach Acceptance Corp. is a successful company with a strong
position as an indirect lender of near-prime loans, and we are very
happy to have it as part of the AmeriCredit product mix now," says
AmeriCredit President and Chief Executive Officer Dan Berce. "With the
completion of this acquisition -- and our acquisition of Bay View
Acceptance last year -- we are now a full-spectrum auto finance
company that is building relationships with and creating solutions for
auto dealers and consumers across North America."
LBAC is headquartered in Paramus, N.J., with a western regional
office in Orange, Calif., and serves automobile dealers in 34 states.
About AmeriCredit
AmeriCredit Corp. is a leading independent automobile finance
company that provides financing solutions indirectly through auto
dealers and directly to consumers in the United States and Canada.
AmeriCredit has approximately one million customers and $12 billion in
managed auto receivables. The Company was founded in 1992 and is
headquartered in Fort Worth, Texas. For more information, visit
www.americredit.com.
CONTACT: AmeriCredit Corp., Fort Worth
Investor Relations
Caitlin DeYoung, 817-302-7394
or
Media Relations
John Hoffmann, 817-302-7627
SOURCE: AmeriCredit Corp.
