The shutdown comes as more Americans are starting to fall behind on their car payments, and the distress cycle is rapidly accelerating.īefore the announcement, American Car Center had shelved a bond deal backed by subprime loans citing market conditions despite investors placing orders for the debt. American Capital was sold on January 3rd, 2017 for 4.1 billion or 18.06 per share.
No one was available for comment at the company’s headquarters, and repeated calls to several of the dealerships went unanswered. Founded in 1986, American Capital went public in August 1997 at 15.00 per share, raising 155 million, making it the first private equity firm to go public in the United States. American Car Center, which has more than 40 dealerships across 10 states, is owned by York Capital Management LLC.Ī representative for York Capital declined to comment, while American Car Center Chief Financial Officer Noah Hogan did not respond to a inquiry to his LinkedIn account. The closure email came a day after the company sent another message to staff saying management and advisors had been working with lenders to improve liquidity and continue operations, the people said. The used car retailer, which tends to target consumers regardless of their credit history, said in an email to employees on Friday the firm was ceasing all operations, closing its headquarters in Memphis, Tennessee, and that all employees would be terminated by the end of the business day, the people said. Countries with the highest market cap in the world 2020 Countries with the largest stock markets worldwide as of 2020, by market capitalization of listed companies (in trillion U.S.
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