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Article: Chastened AmeriCredit Has New Set of Goals.
- Article from:
- American Banker
- Article date:
- March 19, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This time last year AmeriCredit Corp. was in the middle of a liquidity crisis brought on by unanticipated economic factors and strategic bungles.
But now Clifton Morris Jr., the subprime auto lender's chairman, is looking for ways to use the excess capital it is accumulating.
It seems one of the lessons he learned over the last 16 months is that bigger is not necessarily better. "We got arrogant and contentious," Mr. Morris admitted bluntly during a recent interview at AmeriCredit's Fort Worth headquarters.
In the 11 years since its founding, its managed loans have mushroomed from $25 million to $13 billion at the end of last year, and all the ...