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Onyx Acceptance Announces Promotion of Todd Pierson to COO and Executive Vice President

January 13, 2004

Onyx Acceptance Corp. announced Jan. 13 the promotion of Todd Pierson to executive vice president and chief operating officer effective Jan. 12.

Pierson has served as a senior vice president and the chief information officer since April 1999. He has been responsible for all aspects of technology including systems, applications and communications. Pierson will continue in these responsibilities and will now be responsible for all of Loan Servicing.

Pierson has been in the technology field for 22 years, working with client server architectures, Web-enabled applications, and financial money movement processes. Before joining the Onyx team, Pierson worked for Ceridian Tax Services as the vice president of Information Services from 1991 to 1999. Prior to Ceridian, he was a Systems Engineer for Hewlett- Packard from 1986 to 1991.

As chief operating officer, Todd will be focusing the operational skills of the Loan Servicing and I.T. departments, along with providing continued support throughout the company.

"Todd's contributions and leadership have been significant toward our goal of becoming a leading national finance company," said John W. Hall, president and CEO of Onyx Acceptance Corp. "As we move into our next decade as a company, new challenges and opportunities lay before us."

For information about Onyx Acceptance Corp., visit www.onyxco.com.

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