FORT WORTH, Texas--(BUSINESS WIRE)--May 1, 2006--AmeriCredit Corp.
(NYSE:ACF) today announced that its operating subsidiary, AmeriCredit
Financial Services, Inc., has completed its acquisition of Bay View
Acceptance Corporation (BVAC). BVAC was the auto finance subsidiary of
Bay View Capital Corporation (NYSE:BVC).
The total consideration paid by AmeriCredit to Bay View Capital
Corporation in the all-cash transaction was approximately $63.6
million, which was the approximate book value at March 31, 2006. Bay
View Capital Corporation shareholders voted to approve the proposed
acquisition at a special shareholder's meeting on April 27, 2006.
"Bay View is a strong niche marketer of extended-term, high LTV
loans at premium prices to customers with excellent credit," says
AmeriCredit President and Chief Executive Officer Dan Berce. "This
acquisition allows us to expand our target market into higher credit
niches and supports AmeriCredit's strategy to grow the company over
the long term at a rate of 10 to 15 percent per year."
BVAC operates from offices in Covina, Calif., and serves
automobile dealers in 32 states. AmeriCredit will continue to utilize
the Bay View Acceptance Corporation name for the subsidiary, and
automobile dealers and existing BVAC customers will continue to use
the same addresses and telephone numbers to reach the company's
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 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
SOURCE: AmeriCredit Corp.