Foss retires from Credit Acceptance
One of the most noteworthy executives ever to participate in subprime auto financing has retired.
Credit Acceptance announced late on Wednesday afternoon that founder Donald Foss, who most recently served as the company’s chairman, has decided to retire as an officer and director effective Tuesday.
The company indicated the board has no present intention to fill the chairman's role or to fill the vacancy on the board created by Foss’ retirement. Credit Acceptance added the board of directors will be led by lead director and chair of the audit committee, Thomas Tryforos.
Foss founded Credit Acceptance in 1972 and served as the company’s chief executive officer from 1972 through 2001. He added the role of chairman of the board at the time of the company’s initial public stock offering in 1992.
Since that time, the company's market capitalization has grown from $90 million to more than $4.5 billion.
In addition during that more than 24-year period, Credit Acceptance delivered returns to shareholders in excess of 20 percent per year.
“The company has helped change the lives of millions of individuals by helping them obtain a vehicle and providing an opportunity for these individuals to improve their credit standing,” Credit Acceptance said.
Along with delivering for shareholders and vehicle owners, the National Alliance of Buy-Here, Pay-Here Dealers enshrined Foss into its Hall of Fame in 2015.
When introducing him at NABD’s Hall of Fame ceremony, Ingram Walters said, “Don was at the top of the industry. He was selling more than anyone else. But when he got to the top of that peak, he didn’t rest. He didn’t withdraw. He looked around at the other mountains he wanted to climb. He looked around at other peaks he wanted to reach, and that’s what he did.”