FORT WORTH, Texas -- AmeriCredit has taken the initial step to re-establish itself as a major competitor in the Canadian auto-lending market by funding its first Canadian auto loan.

AmeriCredit Financial Services of Canada’s underwriting team will be housed at its newly established offices in Mississauga, Ontario, while its sales representatives will be located in different areas to serve auto dealers throughout the country.

Resuming Canadian lending is an important part of AmeriCredit’s plan to incrementally grow new loan originations, according to Howard Cobham, AmeriCredit’s senior vice president of dealer services, Canada. By July 1, the company plans to expand its Canadian lending initiative throughout Ontario and into Alberta, British Columbia, Manitoba, Saskatchewan and the Atlantic region. The company is also developing plans to enter the Quebec market at a later date.

AmeriCredit previously originated loans in Canada from 1998 to 2003 when it exited the market due to a company restructure. Since that time, AmeriCredit has continued to operate a collection center with more than 400 team members in Peterborough, Ontario, in addition to its collection centers in the United States.