SOUTHFIELD, Mich. — Credit Acceptance Corp. (CAC) announced on Jan. 4 that founder Donald A. Foss has decided to retire as chairman of the subprime finance source's board of directors.
In a company announcement, CAC stated that it currently has no intention of filling Foss' role as chairman. In his absence, Thomas N. Tryforos, the company’s lead director and chair of the audit committee, will lead the board of directors.
Foss founded Credit Acceptance in 1972, and served as the company’s CEO from 1972 through 2001. Since the company’s inception, it has offered automobile dealers financing programs that enable them to sell vehicles to consumers, regardless of their credit history.
The company’s financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers that otherwise would not be able to obtain financing. Since the company reports to the three top national credit reporting agencies, the company provides credit-challenged buyers an opportunity to improve their credit scores.
Since its IPO in 1992, the company’s market capitalization has grown from $90 million to over $4.5 billion, according to the company.