FORT WORTH, Texas--(BUSINESS WIRE)--May 11, 2006--AmeriCredit has
funded its first Canadian auto loan, taking the initial step to
re-establish itself as a major competitor in the Canadian auto-lending
The company has established its new Canadian offices for
AmeriCredit Financial Services of Canada in Mississauga, Ontario. The
company's Canadian underwriting team is based at this central
location, while its sales representatives are located in different
areas and serve auto dealers throughout the country.
Howard Cobham, AmeriCredit's senior vice president of Dealer
Services, Canada, says AmeriCredit is thrilled to be competing in the
Canadian market again. "The culmination of months of planning and
development has resulted in exactly what we'd hoped for: AmeriCredit
has received an unprecedented reception from Canadian auto dealers and
is certain it can provide a much-needed lending resource for customers
in Canada," says Cobham.
Cobham adds that resuming Canadian lending is an important part of
AmeriCredit's plan to incrementally grow new loan originations. By
July 1, the company plans to expand its Canadian lending initiative
throughout Ontario and into Alberta, British Columbia, Manitoba,
Saskatchewan and the Atlantic region. AmeriCredit is also developing
plans to enter the Quebec market at a later date.
AmeriCredit previously originated loans in Canada from 1998 to
2003 when it exited the market due to a company restructure. Since
that time, AmeriCredit has continued to operate a successful
collection centre with more than 400 team members in Peterborough,
Ontario, in addition to collection centers in the United States.
AmeriCredit Corp. (NYSE:ACF) 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 1 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
CONTACT: AmeriCredit Corp., Fort Worth
Caitlin DeYoung, 817-302-7394
John Hoffmann, 817-302-7627
Amy Allen, 817-302-7423
SOURCE: AmeriCredit Corp.