VAC Press Releases

January 4th, 2010 

FOR IMMEDIATE RELEASE

Vehicle Acceptance Corporation (VAC), a national Buy-Here-Pay-Here (BHPH) lender, is announcing the initiation of a Joint Marketing Agreement with Starter Interrupt/GPS device manufacturer PassTime.

DALLAS, TX (VAC) January 5, 2010- Vehicle Acceptance Corporation and PassTime are announcing the launch of a coordinated effort to jointly market PassTime’s Starter Interrupt and GPS devices and VAC’s Cash and Service Solutions.

“Combining the products and services of PassTime with the financing options of VAC makes a very strong offering to the Buy Here Pay Here Automotive Market,” stated Frank Jacobsen, President and Chief Operating Officer, PassTime.  “We are looking forward to a long and successful partnership with VAC.”

In advance of the Joint Marketing Agreement with PassTime, Vehicle Acceptance has opened a new office in Carmel, IN, expanded its Corporate Headquarters in Dallas and increased the size of its Phoenix branch office.

"VAC's volume and present opportunities required significantly increasing the size of our offices in Dallas and Phoenix. We now have the infrastructure and staffing that is necessary to maintain our current internal growth rates and absorb additional opportunities like this one with PassTime,” said Mr. Jonathan Neubauer, Chief Executive Officer of Vehicle Acceptance Corporation.

PassTime’s extensive Suite of Products, including a new version of their Elite product line, complements the service offerings provided by VAC.  The Payment Assurance products and services PassTime offers help reduce delinquencies, improve collections, and assist in repossessions. 

For more information about VAC programs, contact Allan Couch at 1-800-380-3882 or visit http://VACorp.com/PR.  Additional information on PassTime programs can be obtained by contacting Corinne Schwarz-Kirkendall at 1-877-PASSTIME or visit http://passtimeusa.com. 

About Vehicle Acceptance Corporation

Vehicle Acceptance Corporation offers Cash and Service Solutions for the Buy-Here-Pay-Here dealer. VAC is a sub-prime automobile finance industry leader that has helped dealers create profitable portfolios since 1989. Headquartered in Dallas, Texas, VAC has 5 offices offering Note Servicing and Cash Advances to used car dealers nationwide.

About PassTime

Headquartered in Littleton, Colorado, PassTime™ was founded in 1992; the PassTime Suite of Products is designed to improve customer payment performance and reduce default and repossession risks. In 1997, PassTime created its first “Starter-Interrupt” Device with a revolutionary design.  Over the next several years, a Suite of Products evolved that offer code-based, wireless, and GPS Products and Services designed to meet the needs of a highly diverse industry of car dealers and special finance companies. PassTime solutions facilitate higher rates of return on financing based upon improved customer payment performance.  PassTime prides itself on a 24/7 Customer Care Support Center for partners, lenders, dealerships, and end-user customers.  Over the past decade, PassTime has sustained industry leadership with its innovative products and services.

CONTACTS:

Mr. Allan Couch, National Sales Director
Vehicle Acceptance Corporation
214-599-9510 (office)
PR@VACorp.com
http://VACorp.com

Mrs. Corinne Schwarz-Kirkendall
PassTime USA
1-877-PASSTIME
corinne@passtimeusa.com
http://passtimeusa.com

VAC Press Release 01/04/2010 - PDF - 95KB[http://vacorp.com/news/pressReleases/2010/VAC_Passtime_Press_Release_01042010.pdf]

VAC Press Release 01/04/2010 - RTF - 103KB[http://vacorp.com/news/pressReleases/2010/VAC_Passtime_Press_Release_01042010.rtf]

November 30th, 2009 

Keys to Collections

Jonathan Neubauer, Vehicle Acceptance Corporation

November 30th, 2009

Collections are the single most important aspect of any Buy-Here-Pay-Here (BHPH) operation.  Without effective collections, any efforts made in sales, inventory acquisition and marketing are wasted on deals that don't pay.

When a customer becomes delinquent we employ effective collection calls to arrange payment of the debt in accordance with the Fair Debt Collections Practices Act.  There are specific techniques that can greatly improve the likelihood you will successfully obtain payment, improve your knowledge of your customer and make future collection efforts easier.

Following these tried and true rules will help to ensure your collection activities are one of the most efficient aspects of your business. Vehicle Acceptance has followed these methods for many years with our Servicing program, which allows dealers to outsource their collection efforts.

VAC has provided BHPH dealers with cash and collections since 1989 and understands the business. VAC services and capital are available in most states thru 5 regional offices.  Visit www.VACorp.com or call 1-800-380-3882 for more information.

October 24th, 2009 

Vehicle Acceptance supports growth of the Buy-Here-Pay-Here Dealer

Jonathan Neubauer, Vehicle Acceptance Corporation

October 24th, 2009

Almost every Independent Used Car dealer in America today is asking themselves whether they truly want to be in Buy-Here-Pay-Here.  It is not for everyone and not something that should be entered into lightly.  In today’s economy, it is almost the only way to sell a used car, but will that change soon?  Will the economy recover, and will the credit markets return? More importantly, when will this happen, and can you afford to wait?  At Vehicle Acceptance, we know firsthand- Buy-Here-Pay-Here can be an immensely satisfying business that offers growth opportunities and delivers profits. We strive to help our dealers succeed in this business.

The largest automobile creditor in the United States is collectively the independent used car dealer who writes and carries their own contracts.  He knows how to buy a good used car at the right price and is willing to accept a high credit risk for a significant reward.  It is not easy, and it takes a commitment, but it is likely one of the very few small businesses left in America today where an individual can truly become wealthy.

Regardless of whether you are just entering the business or have been carrying notes for 40 years, besides finding a good used car at the right price, the most difficult challenges that you will encounter are universal among all Buy-Here-Pay-Here owners.  In the beginning, capital is a challenge because it takes money to make money.  Collections will always present the dealer with a great deal of administrative and logistical obstacles.

If you decide to be in the Buy-Here-Pay-Here business, you have determined that you want to be the lender.  You want to make money with money, not just sell a car for a fee.   Buy-Here-Pay-Here dealers are not searching for the lenders that they can sell their loans to.  In this business, they own those notes themselves and to ensure their business is successful, they must address cash flow and collections. Vehicle Acceptance strives to solve these challenges by providing capital to allow you to get started and grow, and strong collection services to efficiently manage your notes.

Our goal is not to buy your paper. Our goal is to put you in the paper-owning business.  A success story for us is when a dealer no longer uses our Cash Advance program and has several million dollars in servicing with us. He always will have the ability to use his servicing portfolio as a line of credit with our Cash Advance program when he needs some short term liquidity; but will always maintain ownership of his notes.

Over 80% of our business is strictly servicing (collections) the paper that our dealers own.  We help dealers properly manage the credit risk with our servicing program. Buy-Here-Pay-Here dealers are performing a valuable service—providing transportation to individuals who would not otherwise have it—and they should be rewarded for this.  We know that when our dealer is making money with our help, we have a satisfied client.

Vehicle Acceptance strongly believes that now is the best time in a long time for an independent used car dealer to be originating their own paper. The credit availability for the majority of Americans is nowhere near what it was a couple years ago. But the fact of the matter is these are the same people who could have gotten a new car financed with the captives, or a used car thru the local credit union a year or two ago. If they still have a job, and you put them in a car that they can afford, this is the time to take advantage of a huge opportunity to build a strong portfolio of receivables. Vehicle Acceptance can provide the money you need to continue growing, and the servicing of the notes to ensure a steady stream of income.

Vehicle Acceptance Corporation offers Cash and Service Solutions for the Buy-Here-Pay-Here dealer. VAC is a sub-prime automobile finance industry leader that has helped dealers create profitable portfolios since 1989. Headquartered in Dallas, Texas, VAC has 5 offices nationwide offering Note Servicing and Cash Advances to used car dealers.  For more information, contact us at 1-800-380-3882 or visit http://VACorp.com/DBJ.

VAC DBJ Editorial 10/24/2009 - PDF - 66KB[http://vacorp.com/news/pressReleases/2009/DBJ_VAC_09232009.pdf]

VAC DBJ Editorial 10/24/2009 - Word - 33KB[http://vacorp.com/news/pressReleases/2009/DBJ_VAC_09232009.doc]

September 24th, 2009 

FOR IMMEDIATE RELEASE

Vehicle Acceptance Corporation is announcing the appointment of Mr. Allan Couch to National Sales Director and Mr. Jeff Baldwin as Branch Manager of their newest office location in Indianapolis, Indiana. 

DALLAS, TX (VAC) September 24th, 2009 – Vehicle Acceptance is pleased to introduce Mr. Allan Couch as VAC’s new National Sales Director.  Allan joined VAC with a BS from the University of Missouri, an MBA from the Pepperdine University Graziadio School of Business and Management and years of experience with a Fortune 200 company. “I am excited about the opportunity to help shape VAC Marketing activities and carry on what is already a solid marketing platform.  VAC has done a great deal in recent years to advance their business and I’m pleased to be a part of furthering these gains and building the VAC brand,” said Mr. Couch. 

VAC would also like to introduce the Branch Manager of Vehicle Acceptance’s newest office in Carmel, Indiana- Mr. Jeff Baldwin.  Jeff is a native of the Carmel area and comes to us from the Kelly School of Business, at Indiana University with a degree in finance and several years of experience in the field. We will be starting in Carmel with a large book of business in the area successfully created by Ms. Beth Kishmarton and the team in the Cleveland office. The office has greatly benefited from VAC’s relationship with AFCD, who is assisting dealers in becoming more profitable. The AFCD relationship is certainly rewarding for all parties involved, especially the dealers.

“These two gentlemen will complement our current staff very well. They are both eager and willing to get started with growing Vehicle Acceptance even faster than our current pace. Sara and I will be by their side to make sure transitions are smooth and portfolio growth rates are appropriate,” said Mr. Jonathan Neubauer, Chief Executive Officer of Vehicle Acceptance.

VAC strives to provide to the Buy-Here-Pay-Here dealer the best services that they need to excel in the business. VAC has 5 branch locations nationwide and is ready to do business with all used vehicle dealers. For more information, contact Sara Upton at 1-602-224-9874 or visit http://VACorp.com/PR

About Vehicle Acceptance Corporation

Vehicle Acceptance Corporation offers Cash and Service Solutions for the Buy-Here-Pay-Here dealer. VAC is a sub-prime automobile finance industry leader that has helped dealers create profitable portfolios since 1989. Headquartered in Dallas, Texas, VAC has 5 offices nationwide offering Note Servicing and Cash Advances to used car dealers.

CONTACT:

Mrs. Sara Upton, Chief Operating Officer
Vehicle Acceptance Corporation
602-224-9874 (office)
supton@VACorp.com
http://VACorp.com/PR

###

VAC Press Release 09/24/2009 - PDF - 94KB[http://vacorp.com/news/pressReleases/2009/Press_Release_09242009_Appointments_JENfinal.pdf]

VAC Press Release 09/24/2009 - Word - 29KB[http://vacorp.com/news/pressReleases/2009/Press_Release_09242009_Appointments_JENfinal.doc]

September 1st, 2009 

Un-bankable Consumers do use technology

Jonathan Neubauer, Vehicle Acceptance Corporation

September 1st, 2009

Five years ago, it was a commonly held belief that the un-bankable consumer did not have access to modern and relatively expensive conveniences such as cell phones, e-mail and the internet; and if they couldn't get approved for a car loan, they likely could not obtain or afford such luxuries. Times sure changed quickly and this assumption today could not be further from the truth.

While this consumer may not be able to get a loan from a captive, traditional bank or credit union, many do in fact have checking and savings accounts, either personally or thru a relative. Almost all major employers require an account for direct deposit of earnings. Automatic electronic funds transfers, debit card usage, website payment and pay-by-phone have all been exceptionally well received with the BHPH customer at Vehicle Acceptance.

Technology now allows VAC to process deals in minutes with the dealer, and offer all of these instant methods of paying to the consumer. We continue to invest greatly in technology and software- while managing regulatory and disclosure issues which are continually changing. Vehicle Acceptance plans to stay ahead of the technology curve, and pass this added value directly to our dealers and their customers.

Used Car News Website[http://www.usedcarnews.com/]

VAC Editorial 09/01/2009 - PDF - 403KB[http://vacorp.com/news/pressReleases/2009/UCN_Editorial_09012009.pdf]

VAC Editorial 09/01/2009 - Word - 27KB[http://vacorp.com/news/pressReleases/2009/UCN_Editorial_09012009.doc]

August 17th, 2009 

FOR IMMEDIATE RELEASE

Vehicle Acceptance Corporation is announcing their newest branch office location in Indianapolis, Indiana.  The Buy-Here-Pay-Here market in the Midwest continues to show signs of being healthy and growing, and presence in this region is critical to the long term growth of VAC.

DALLAS, TX (VAC) August 17th, 2009 -- Vehicle Acceptance Corporation is announcing their newest branch office location in Indianapolis, Indiana. This latest expansion of the nationwide sub-prime finance company is a strong indication of the healthy and growing Buy-Here-Pay-Here marketplace in the region. A stronger presence in the Midwest is vital to VAC's long term growth strategy.

VAC has done business in Indiana for years, but recently has had very positive results from their relationship with AFCD and the efforts by their representatives to help BHPH dealers become more profitable and efficient. These new dealers are generating a great deal of business with VAC, and it is clear that the market is a very good fit for Vehicle Acceptance's Cash Advance and Servicing products.

The Indianapolis office will be fully operational this fall; new dealers and opportunities are currently handled by the VAC Phoenix office under the lead of Sara Upton, the company's Chief Operating Officer. This will allow for a smooth transition to the permanent location that is being established in Indianapolis.

VAC strives to provide to the Buy-Here-Pay-Here dealer the best services that they need to excel in the business. VAC has 5 branch locations nationwide and is ready to do business with all used vehicle dealers. For more information, contact Sara Upton at 1-602-224-9874 or visit http://VACorp.com/PR

About Vehicle Acceptance Corporation

Vehicle Acceptance Corporation offers Cash and Service Solutions for the Buy-Here-Pay-Here dealer. VAC is a sub-prime automobile finance industry leader that has helped dealers create profitable portfolios since 1989. Headquartered in Dallas, Texas, VAC has 5 offices nationwide offering Note Servicing and Cash Advances to used car dealers.

CONTACT:

Sara Upton, Chief Operating Officer
Vehicle Acceptance Corporation
602-224-9874 (office)
supton@VACorp.com
http://VACorp.com/PR

###

VAC Press Release 08/17/2009 - PDF - 92KB[http://vacorp.com/news/pressReleases/2009/2009_Power_200.pdf]

VAC Press Release 08/17/2009 - Word - 28KB[http://vacorp.com/news/pressReleases/2009/2009_Power_200.pdf]

August 1st, 2009 

Vehicle Acceptance Corporation has been nominated and recognized as one of the 200 most influential companies in the remarketing and used-car industry.

Auto Remarketing has been a very positive opportunity for Vehicle Acceptance, and we look forward to continued success with our advertising and marketing relationships.

Auto Remarketing Website[http://www.autoremarketing.com/]

Power 200 Article - 526KB[http://vacorp.com/news/pressReleases/2009/2009_Power_200.pdf]

July 6th, 2009 

Now what do we do?

Jonathan Neubauer, Vehicle Acceptance Corporation

June 17th, 2009

The many true stories of franchise dealers being forced out of business is disheartening. Long term relationships, financial commitments and contracts seem to be of no value in today's volatile business climate. The circumstances leading to the closure of so many dealerships seem to go against the very fabric of what America was built on- accountability, honesty and fairness.

We certainly sympathize with our counterparts and the dealings with manufacturers and government, it is a very difficult time for them. It is times like these that demonstrate that it is impossible to predict or prepare for every possible business challenge. While it is true that we can only deal with the hand we are dealt, there are always ways to proactively adapt to change and thrive in a new environment.

Selling vehicles to the American consumer who is over-leveraged and has little excess disposable income certainly presents a challenge. Every business scholar will concede that business challenges present opportunities to those who have a vision that sees beyond the obstacles. The challenge presented today for all dealerships is how do they finance the sale to this consumer?

New car dealerships have been described as the factories for used car inventory creation. There will be shortages of quality used cars due to the drastic drop in new car sales. While acquiring quality inventory will continue to be more difficult for used car dealerships, the opportunity is the used car dealership is now in the position to not just be a dealership- but the only real source of financing for the un-bankable consumer.

Before, the used car dealership would utilize local banks and credit unions to directly finance the consumer, or sell their paper at a favorable discount to indirect lenders- earning all revenue at the point of sale. Now the opportunity exists to change their business from a transaction model to one where they are receiving continuous returns over the life of the note well past the original transaction.

There is a perception that it takes very deep pockets and a full time repossession agent to create a profitable portfolio; this is simply not true. The Vehicle Acceptance program provides nearly all the capital, and all necessary collection efforts. With a Cash Advance, it is indeed possible to get all of your cash out of the deal at the point of sale; and with Servicing, you do not need to create a collections department to effectively manage your portfolio.

What is readily apparent to those of us already in Buy-Here-Pay-Here is that now is a great time to be an independent used car dealer. It is true that there are challenges with inventory acquisition, and there may be former new car dealers entering into your local used car market. But given the lack of availability of traditional financing for the un-bankable consumer, there is a really big opportunity to grow your portfolio right now.

Used Car News Website[http://www.usedcarnews.com/]

Used Car News Ad - 2.22MB[http://VACorp.com/news/ads/documents/UCN_06232009.jpg]

VAC Editorial 07/06/2009 - PDF - 78KB[http://vacorp.com/news/pressReleases/2009/UCN_Editorial_07062009.pdf]

VAC Editorial 07/06/2009 - Word - 29KB[http://vacorp.com/news/pressReleases/2009/UCN_Editorial_07062009.doc]

October 15th, 2008 

October 15th, 2008 Issue - Oregon Vehicle Dealers Association Publication. VAC Also contributed an editorial related to the current credit availability conditions in the marketplace.

"Vehicle Acceptance Corporation and competitors legitimately in the sub-prime finance market understand what Wall Street struggles with. They realize that the typical used car dealer actually knows how to keep a sub-prime customer paying. It involves not overselling the customer- keep them in a vehicle that is aligned with their budget. They need to make a strong down payment so they have ‘skin in the game’. If the typical sub-prime customer has ZERO equity in the transaction, there is very little incentive to not walk away from a stressful obligation if their situation changes.

And most importantly, this customer is not driving their own vehicle- they are driving the dealer’s vehicle as a result of their payment obligations. The customer has learned from their other situations that they need to push the lender to the limit. With that in mind, VAC actively informs the dealer of the condition of each note they are servicing for the dealer. Activating Starter Interrupt Devices or repossessing the vehicle are not options- they are obligations. Vehicle Acceptance Corporation is an industry expert in maintaining portfolios for dealers in both advantageous and difficult market conditions; they have been doing it extraordinarily effectively for nearly 20 years."

- Quote from VAC Editorial in the 10/15/2008 issue of OVDA[http://VACorp.com/news/ads/documents/OVDA_Editorial_10012008-FINAL.pdf]

Oregon Vehicle Dealers Association Website[http://www.oregonvda.com/index.html]

OVDA Ad - 1.52MB[http://VACorp.com/news/ads/documents/OVDA_Ad_09302008.jpg]

OVDA Editorial - 72KB[http://VACorp.com/news/ads/documents/OVDA_Editorial_10012008-FINAL.pdf]