FORT LAUDERDALE, Fla. — AFS Acceptance — a full-service auto
finance company serving the subprime financing needs of franchised and
independent dealers — recently acquired the assets and intellectual property of
Preferred Automobile Credit Co. (PACCO), a Pennsylvania-based auto finance
company.

Executives highlighted the $12 million portfolio acquisition
is the first for AFS Acceptance in several years, having focused on originating
its own loans in recent times.

"Though this isn't our core model, an opportunity was
presented to us and we needed to explore it. Once we did our due diligence and
saw what a great operation they had, we felt the acquisition made sense for
us," said Dov Szapiro, chief executive officer of AFS Acceptance.

AFS Acceptance executive vice president Scot Seagrave
insisted the acquisition also gives the company the opportunity to reach out to
a new customer base and start new relationships with those dealerships that
have been loyal to PACCO over the years.

"We are excited to work with some new dealers and hope to
continue the great service PACCO provided to them so they don't miss a beat,"
Seagrave said.

"With over 1000 dealerships in 13 states in their database,
we are confident we can generate some new business and more importantly, make
new relationships that will last. Combining our current program with a little
of what PACCO offered should be good thing for our dealer partners," he went on
to say.

Executives such as Seagrave are set to be a part of the
SubPrime Forum, the newest addition to Used Car Week.

The SubPrime Forum is boasting a growing speaker lineup that
is incorporating top executives from some of the leading finance companies,
including Consumer Portfolio Services, Westlake Financial Services and AFS
Acceptance.

Organizers recently confirmed that individuals now on tap to
be a part of the inaugural event are:

—Ian Anderson, president of Westlake Financial Services

—Charles Bradley Jr., chief executive officer of Consumer
Portfolio Services

—Steve Hall, president and CEO of DriversSelect

This latest group of participants joins experts and
executives already on board to be a part of the SubPrime Forum, which will be
presented by SubPrime Auto Finance News and SubPrimeNews.com, in affiliation
with the National Automotive Finance Association. Others panelists for the
event that's set for Nov. 12 and 13 at the Manchester Grand Hyatt in San Diego
include:

—Jonathan Banks, NADA Used Car Guide

—Mary Benaknin, Mile One Automotive

—Jeff Bunch, Black Book Lender Solutions

—Melinda Zabritski, Experian Automotive

"Interest in the SubPrime Forum from all corners of the
automotive industry continues to intensify," Used Car Week chairman Bill
Zadeits said. "Having executives of this caliber is going to make the inaugural
SubPrime Forum one to remember. As more noteworthy developments within this
segment of the auto finance industry come along, the perspective from all of
these participants will provide a great return for attendees."

The SubPrime Forum will provide data, knowledge, insight and
powerful business networking opportunities to spur innovation and drive growth
in the subprime auto finance marketplace.

More details about the SubPrime Forum as well as the rest of
the series of events including the CPO | The Pre-Owned Conference, the Re3
Conference and the National Remarketing Conference can be found at
www.usedcarweek.biz.

Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.


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