AmeriCredit Completes Acquisition of Long Beach Acceptance

AmeriCredit Corp. (NYSE: ACF) today announced that its operating subsidiary, AmeriCredit Financial Services, Inc., has completed its acquisition of Long Beach Acceptance Corp. (LBAC). LBAC was the auto finance subsidiary of ACC Capital Holdings. The total consideration paid by AmeriCredit to ACC Capital Holdings in the all-cash transaction was approximately $282.5 million.

"Long Beach Acceptance Corp. is a successful company with a strong position as an indirect lender of near-prime loans, and we are very happy to have it as part of the AmeriCredit product mix now," says AmeriCredit President and Chief Executive Officer Dan Berce. "With the completion of this acquisition — and our acquisition of Bay View Acceptance last year — we are now a full-spectrum auto finance company that is building relationships with and creating solutions for auto dealers and consumers across North America."

LBAC is headquartered in Paramus, N.J., with a western regional office in Orange, Calif., and serves automobile dealers in 34 states.

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 one million customers and $12 billion in managed auto receivables.