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SEARCHFORT WORTH, Texas -- AmeriCredit Financial Services Inc., an AmeriCredit Corp. subsidiary, has completed its acquisition of Bay View Acceptance Corp., the auto finance subsidiary of Bay View Capital Corp.
FORT WORTH, Texas -- AmeriCredit Financial Services Inc., an AmeriCredit Corp. subsidiary, has completed its acquisition of Bay View Acceptance Corp., the auto finance subsidiary of Bay View Capital Corp.
AmeriCredit paid Bay View Capital Corp. approximately $63.6 million in an all cash transaction. The amount was the approximate book value as of March 31, 2006, and Bay View’s shareholders approved the transaction late last month.
“This acquisition allows us to expand our target market into higher credit niches and supports AmeriCredit’s strategy to grow the company over the long term at a rate of 10 to 15 percent per year,” said AmericCredit’s President and CEO Dan Berce in a statement.
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