AutoCorp Equities Receives Line of Credit.PHOENIX--(AutomotiveWire)--Oct. 17, 1997--AutoCorp Equities Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ACOR ACOR Association of Cancer Online Resources ACOR American Center of Oriental Research ACOR Advanced Certificate in Operational Risk ACOR Assistant Contracting Officer Representative ACOR Actual Cost of Repair ACOR Administrative Contracting Officers Representative ) Friday announced that its subsidiary, Lenders Liquidation Centers Inc. ("LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control "), has been approved by Automotive Finance Corp. ("AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. "), an Indianapolis-based subsidiary of Minnesota Power and Light, for a floorplan line of credit to finance all of its vehicle inventory needs. "This new alliance with AFC allows us to significantly accelerate our expansion plans throughout the Southwest," said Bill Merritt, AutoCorp chief executive officer. AutoCorp has established itself as the pioneering leader in used vehicle non-prime financing. The company has innovatively developed a highly efficient remarketing solution to the staggering default rate which has plagued the non-prime lending industry. AutoCorp's "non-prime solution" offers the non-prime lending industry the ability to recondition re·con·di·tion tr.v. re·con·di·tioned, re·con·di·tion·ing, re·con·di·tions To restore to good condition, especially by repairing, renovating, or rebuilding. and remarket its repossessed vehicles on a retail basis. Concurrently, AutoCorp's insurance subsidiary, Consumer Insurance Services Inc., insures the non-prime lender against the major causes of financing defaults. AutoCorp presently operates numerous used vehicle sales facilities in Arizona and New Mexico and is currently expanding the company's operations in the Southwestern United States. CONTACT: AutoCorp Equities Inc., Phoenix Stan Wilson, 602/482-5737 |
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