Central Financial Acceptance Corporation announces change in its used automobile business.COMMERCE, Calif.--(BUSINESS WIRE)--Aug. 29, 1996--Central Financial Acceptance Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFAC CFAC California First Amendment Coalition CFAC Canada Family Action Coalition CFAC Combined Forces Air Component CFAC Commandement de la Force Aérienne de Combat CFAC Clear Facilities CFAC Call Forwarding All Calls CFAC Central Florida Activity Club ) announced that it entered into an agreement whereby Banner's Central Electric, Inc. ("Banner's"), its parent company, will operate the used automobile sale business previously operated by CFAC. Under the terms of this agreement, CFAC will have an exclusive agreement with Banner's to provide financing for all cars that Banner's will sell. This Agreement also provides for Banner's to acquire CFAC's present inventory of used automobiles at cost. Gary Cypres, Chairman and President, said that "this transaction will permit CFAC to continue to focus its activities on the financing of the used automobile business without the operating burden and capital requirement of a business that is clearly in transition." Mr. Cypres also stated that "he was pleased with CFAC's previously announced recent acquisition of its travel and automobile insurance businesses and that all the Company's other financing activities were doing well." Central Financial Acceptance Corporation is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. consumer finance company that primarily serves the financing needs of the growing low income Hispanic Hispanic Multiculture A person of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race Social medicine Any of 17 major Latino subcultures, concentrated in California, Texas, Chicago, Miam, NY, and elsewhere population in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . CONTACT: Central Financial Acceptance Corporation, Commerce Gary M. Cypres, 213/720-8606 Chairman & President |
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