FOR IMMEDIATE RELEASE
August 21, 2013
FORT LAUDERDALE, Fla. — AFS Acceptance — a full-service auto finance company serving the subprime financing needs of franchised and independent dealers — recently acquired the assets and intellectual property of Preferred Automobile Credit Co. (PACCO), a Pennsylvania-based auto finance company.
Executives highlighted the $12 million portfolio acquisition is the first for AFS Acceptance in several years, having focused on originating its own loans in recent times.
"Though this isn't our core model, an opportunity was presented to us and we needed to explore it. Once we did our due diligence and saw what a great operation they had, we felt the acquisition made sense for us," said Dov Szapiro, chief executive officer of AFS Acceptance.
AFS Acceptance executive vice president Scot Seagrave insisted the acquisition also gives the company the opportunity to reach out to a new customer base and start new relationships with those dealerships that have been loyal to PACCO over the years.
"We are excited to work with some new dealers and hope to continue the great service PACCO provided to them so they don't miss a beat," Seagrave said.
"With over 1000 dealerships in 13 states in their database, we are confident we can generate some new business and more importantly, make new relationships that will last. Combining our current program with a little of what PACCO offered should be good thing for our dealer partners," he went on to say.