Phil Cassata Named Senior Vice President of Sales at Union Acceptance Corporation

    INDIANAPOLIS--May 7, 2002--Union Acceptance Corporation ("UAC") today announced that Phil Cassata has been named Senior Vice President of Sales, reporting to Lee Ervin, President and Chief Operating Officer. This is a new executive position created to coordinate overall corporate sales efforts of the Company, including new product development, strategic planning, and development and expansion of distribution channels. As the Company's SVP of Sales, Mr. Cassata will oversee the national sales staff and new sales efforts in conjunction with other auto-related financial service products currently in the Company's pipeline.
    Mr. Cassata joins UAC from Isuzu Motors Acceptance Corporation where he served as Corporate Sales Manager responsible for designing sales and service strategies and developing a business plan for over 730 franchised dealers. While at Isuzu, Mr. Cassata succeeded in growing the portfolio from $0 to $1.7 billion in four years. He also devoted considerable time to implementing a web-based report distribution system for a national sales team. Prior to his role at Isuzu Motors Acceptance Corporation, he served as Vice President, Dealer Service and Operations for American Information Corporation, Consumers Car Club. Prior to that, Mr. Cassata held several operational positions in the Automotive Financial Services division of GE Capital, including Tele-Sales Manager, Operations Manager, and Business Development Officer.
    "Phil is a 29-year veteran with extensive experience in the automotive industry," stated Mr. Ervin. "Phil has a proven record of designing sales and service strategies on a national basis and UAC will certainly benefit from his experience with industry leaders such as Isuzu and GE Capital. We expect Phil to play a key role in the Company's efforts to expand our corporate profile beyond indirect auto finance."
    Additional information on Union Acceptance Corporation and its management team can be obtained at the Company's web site, www.unionacceptance.com.

    Corporate Description

    UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is purchasing and servicing prime automobile retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign manufacturers, nationally recognized rental car outlets, and used car superstores. UAC focuses on acquiring receivables related to late model used and, to a lesser extent, new automobiles purchased by customers who exhibit favorable credit profiles. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 5,800 manufacturer-franchised dealerships in 40 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry.