AmeriCredit Consolidates Collections Operations

by C-BW@CLARI.NET (TX AMERICREDIT CORP VIA BIZWIRE) on 2004-04-01 17:10:44

AmeriCredit Consolidates Collections Operations






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clari.web.biz.personnel.releases,
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tickŹF, Banking, Automotive, Management Changes

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YellowBrix story TX-AMERICREDIT-CORP from Tx Americredit Corp via BizWire
AmeriCredit Consolidates Collections Operations
Copyright 2004 by Business Wire (via ClariNet) / Thu, 1 Apr 2004 17:10:44 EST


FORT WORTH, Texas--(BUSINESS WIRE)--April 1, 2004--AmeriCredit
Corp. (NYSE:ACF):
-- Continuing to align infrastructure size with business needs
-- Closing Jacksonville, Fla., collections center
-- Retaining centers in all other locations
AmeriCredit Corp. (NYSE:ACF) has consolidated its collections
operations today by closing its center in Jacksonville, Fla.
Collections activity previously conducted there has been transferred
to the company's other four centers in the Arlington, Texas;
Charlotte, N.C.; Phoenix, Ariz.; and Peterborough, Ontario (Canada),
areas.
The closing eliminates approximately 225 positions at the
Jacksonville center, which opened in June 2001. All displaced
employees were notified in-person earlier today and will receive
severance benefits and outplacement assistance.
AmeriCredit is consolidating its collections operations to better
align the numbers of collections employees and centers with current
and future business needs. In 2003, the company reduced its quarterly
loan origination volume, and the size of its loan portfolio declined
by 20 percent. While the company has begun growing its loan
origination volume this year, it doesn't expect to grow the portfolio
again until 2005.
"The employees in Jacksonville have done a good job for us, but
with a smaller portfolio we don't need as many collectors or as much
collections capacity going forward as we've had in the past," said
AmeriCredit Chief Operating Officer Mark Floyd. "By closing that
facility and retaining centers in the other four areas, we now have
the right numbers of people and facilities we need for the foreseeable
future."
AmeriCredit Corp. is a leading independent middle-market auto
finance company. Using its branch network and strategic alliances with
auto groups and banks, the Company purchases retail installment
contracts entered into by auto dealers with consumers who are
typically unable to obtain financing from traditional sources.
AmeriCredit has more than one million customers and approximately $13
billion in managed auto receivables. The Company was founded in 1992
and is headquartered in Fort Worth, Texas. For more information, visit
www.americredit.com.