CEO of Asset Acceptance Corp. Nominated for Ernst & Young Michigan Entrepeneur of the Year Award

Rufus H. ?Bud? Reitzel, Chief Executive Officer of Warren based Asset Acceptance Corp. has been nominated for the prestigious Ernst & Young Michigan Entrepreneur of the Year Award. The Michigan ?E.O.Y? program has honored successful entrepreneurs since 1989. The award recognizes companies based on their operating growth during a minimum period of two years and on growth in employees, earnings and revenue. Entrepreneurs also are judged on their social and community efforts.

Asset Acceptance Corp., a bad debt buyer buys consumer charged-off debt from auto deficiencies to hospital debt, its led by industry pioneer Bud Reitzel. AAC has increased its payroll from 193 at the end of 1999 to over 500 at the present time, with five facilities throughout the U.S. When asked what Mr. Reitzel?s blueprints to success were, he replied ?it?s a combination of experience, reputation, technology and a large measure of love for the industry!?

AAC revenue more than doubled from 30 million in 1999 to it?s present projection of over 70 million by the end of 2001. Bud Reitzel has been buying bad debt since the early 1960?s ? at a time when the market was virtually untapped with no guidance, he paved his own way and set the standard for this industry.