ACC Capital Selling Auto Finance Unit

ACC Capital Holdings, the Orange, Calif.-based parent of Ameriquest Mortgage and Argent, is selling its auto finance unit, Long Beach Acceptance Corp., Paramus, N.J., to Fort Worth, Texas-based AmeriCredit Corp. in an all-cash transaction that values LBAC at $282.5 million.According to the Dec. 4 issue of National Mortgage News, ACC has placed both Ameriquest and Argent up for sale. A statement issued by AmeriCredit quotes LBAC president and chief executive Stephen Prough as saying, "Like Long Beach, AmeriCredit is solely focused on auto finance, and we look forward to working with them to deliver a full spectrum of financing solutions to auto dealers and their customers." Aseem Mital, chief executive officer of ACC Capital Holdings, said the transaction "enables us to focus our resources and efforts on our core mortgage business as we strategically position the company for the future." The ACC Capital website lists four operating units for the company; the fourth is AMC Mortgage Services, a servicing company. ACC is privately held. Its owner, Roland Arnall, is currently U.S. ambassador to the Netherlands.