AmeriCredit Completes Acquisition of Long Beach Acceptance Corp.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- AmeriCredit Corp. (NYSE NYSE See: New York Stock Exchange :ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ) today announced that its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , AmeriCredit Financial Services, Inc., has completed its acquisition of Long Beach Acceptance Corp. (LBAC LBAC Label-Based Access Control ). LBAC was the auto finance subsidiary of ACC Capital Holdings ACC Capital Holdings (ACCCH) is a national mortgage lender based in Orange, California. The company is the largest privately held retail mortgage lender in the United States and the largest subprime lender by volume. ACCCH is owned by Roland Arnall. . 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. |
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