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Profits Decline at Auto Lender AmeriCredit
April 25, 2008
AmeriCredit (NYSE: ACF )yesterday reported profits in its fiscal third quarter fell 63 percent to $38 million, though revenues grew 4 percent to $638.7 million from $615.3 million in the same period a year ago.
Fort Worth, Texas-based AmeriCredit purchases loans from franchised and independent auto dealers, and makes auto loans directly to consumers.
AmeriCredit made loans worth $1.3 billion in the quarter ending March 31, down 47 percent from a year ago. Executives said the company is working to reduce its exposure in the current poor lending environment. The firm is now projecting it will make loans worth $3 billion this fiscal year, down from a previous forecast of as much as $7 billion.
Fort Worth, Texas-based AmeriCredit purchases loans from franchised and independent auto dealers, and makes auto loans directly to consumers.
AmeriCredit made loans worth $1.3 billion in the quarter ending March 31, down 47 percent from a year ago. Executives said the company is working to reduce its exposure in the current poor lending environment. The firm is now projecting it will make loans worth $3 billion this fiscal year, down from a previous forecast of as much as $7 billion.
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