AutoCorp Signs Deal with Autoprime Inc.PHOENIX--(BUSINESS WIRE)--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, Consumer Investment Corp. ("CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. "), has been approved by Dallas-based Autoprime Inc. to begin purchasing CIC vehicle installment loan Noun 1. installment loan - a loan repaid with interest in equal periodic payments installment credit consumer credit - a line of credit extended for personal or household use loan - the temporary provision of money (usually at interest) contracts generated by AutoCorp's six Lenders Liquidation Centers. "Having Autoprime as a source to purchase our contracts will substantially increase our liquidity and allow us to vigorously pursue our expansion plans throughout the Southwestern United States," said Wayne McLaws, president of CIC. 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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