AmeriCredit Reports Strong Fiscal Fourth Quarter
Independent automobile finance company, AmeriCredit, recently announced its fourth quarter and fiscal year-end 2006 operating results.
Fort Worth, Texas—Independent automobile finance company, AmeriCredit, recently announced its fourth quarter and fiscal year-end 2006 operating results.
The company’s net income for the quarter grew to $79 million on new loan volume of $1.73 billion and charge-offs of 3.9 percent. AmeriCredit reported net income of $77 million for the same period a year earlier.
Automobile loan purchases increased to $1.73 billion, compared to $1.45 billion last year. Managed auto receivables totaled $12.20 billion.
During the June quarter, AmeriCredit repurchased $106 million of its common stock. The company has repurchased a total of $923 million of its common stock since the initiation of its stock repurchase program in April 2004.
“We continued executing our growth strategies, and we are still benefiting from a favorable economic environment,” AmeriCredit president and CEO Dan Berce said.
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