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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 approximately one million customers and $12 billion in 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 third fiscal quarter ended March 31, 2009, AmeriCredit reported:
- Net income of $9.8 million, $0.07 per share
- Allowance for loan lossess of 7.7% of finance receivables
- Managed loan portfolio of $11.9 billion
- Shareholders' equity of $2.0 billion
- Liquidity of $409.4 million, consisting of $120.9 million in unrestricted cash and $288.5 million of available borrowing capacity on unpledged eligible receivables
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. AmeriCredit funds an approved and accepted loan once applicant information have been verified and supporting paperwork have been received from the dealer.
AmeriCredit issues asset-backed securities (“ABS”), similar to bonds, supported by the loans the company made to consumers. These asset-backed securities are then sold to investors in a process called "securitization." The ABS market is 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 its asset-backed securities and the rate it charges consumers of auto loans.
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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 $55,000 and $60,000
- Approximately 40-50% are homeowners
- 13 years of history in credit bureau file
Fast Facts
- Over 12,000 contracts are funded per quarter from a centralized loan processing center in Arlington, Texas
- Approximately one million active consumer loans being serviced
- Approximately $12 billion loan portfolio at March 31, 2009
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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
Employees
AmeriCredit employs approximately 3,300 team members in the United States and
Canada.
Office Locations
- Corporate headquarters: Fort Worth, Texas
- Customer
service centers:
- 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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