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Media Fact Sheet
Get the facts about AmeriCredit – our business and our
industry, our people, our strategy and goals and our customers.
To learn more about our past, read our Company History information or visit our Resources For Investors to find historical financial information.
Our Business and Our Industry
Business Description
AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers across the United States. AmeriCredit has over one million customers and approximately $15 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas.
Competitive Advantages
AmeriCredit utilizes a proprietary credit scoring system that considers over
200 factors in forecasting credit risk. Early in its development, AmeriCredit
made significant investments in technology to provide information critical to
decision making. AmeriCredit’s effective combination of information-based
technology and innovative risk management techniques have allowed the company
to maintain an industry-leading return on
managed assets.
In addition to its unique applications of risk management techniques,
AmeriCredit also differentiates itself by providing superior customer service
to its dealer and consumer customers. Through focused marketing initiatives
implemented within the branch network and customer service organization,
AmeriCredit continues to apply technology to create innovative practices and
solutions that enable the company to maintain significant operating flexibility
and provide competitive loan pricing and loan terms.
AmeriCredit’s unique business model has enabled the company to react quickly to
changes in market and business conditions and build a unique team-oriented culture
that provides superior customer service to dealers and consumers.
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Financials
Financials
AmeriCredit is a publicly traded company on the New York Stock Exchange under the symbol
"ACF." For the fourth fiscal quarter ended June 30, 2008, AmeriCredit reported:
- Net loss of $150 million, $1.30 per share
- Managed loan portfolio of $14.98 billion
- Shareholders' equity of $1.90 billion
- Cash and cash equivalents of $433 million
For the most current financial information, please
visit our Investors section.
Loan and Securitization Process
AmeriCredit's Sales and Credit team members have built relationships with thousands of automotive dealers to provide auto loans to subprime consumers. Dealers submit loan applications to AmeriCredit, and AmeriCredit reviews and then approves or rejects the applications. When applications are approved and accepted, AmeriCredit funds the loan and the dealer provides the supporting paperwork.
AmeriCredit bundles loans together creating asset-backed securities (ABS) and sells them to investors in a process called "securitization." The ABS market is very large and an important long-term funding source for AmeriCredit. AmeriCredit earns a "spread," which is the difference between the interest rate AmeriCredit pays the investors of these asset-backed securities and the rate it receives from its borrowers.
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Our Customers
Customer Profile
AmeriCredit serves primarily non-prime customers who have on average:
- 7 years at current residence
- 7 years at current job
- Annual household income between $50,000 and $60,000
- Over half own homes
- 13 years of history in credit bureau file
Fast Facts
- AmeriCredit funds approximately 42,000 contracts per quarter
from a centralized loan processing center in
Arlington, Texas
- Currently services more than 1 million active consumer
loans
- Manages a loan portfolio of approximately $15 billion
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AmeriCredit People and Places
Executive Management
- Clifton Morris, Chairman of the Board
- Daniel Berce, President and Chief Executive Officer
- Steven Bowman, Executive Vice President, Chief Credit and Risk Officer
- Chris Choate, Executive Vice President, Chief Financial Officer, Treasurer
- Mark Floyd, Executive Vice President, Co-Chief Operating Officer
- Preston Miller, Executive Vice President, Co-Chief Operating Officer
Employees
AmeriCredit employs approximately 3,650 team members in the United States and
Canada.
Office Locations
- Corporate headquarters: Fort Worth, Texas
- Customer
service centers:
- Arlington, Texas
- Chandler, Ariz.
- Charlotte, N.C.
- Peterborough, Ont., Canada
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Media Contacts
If you are a journalist and need information about
AmeriCredit, please contact our Media Relations department. We’ll be glad
to help you.
You can also write to us at the following address:
AmeriCredit
801 Cherry Street, Suite 3900
Fort Worth, TX 76102
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