AmeriCredit to Eliminate Approximately 350 Jobs

    FORT WORTH, Texas--Nov. 6, 2002--AmeriCredit Corp. announced today it will eliminate approximately 350 jobs by the end of November as part of the company's strategy to manage growth and expenses. The job eliminations represent about 6.5 percent of the company's total workforce of 5,400 employees and will affect various employee levels and locations in the United States and Canada. All affected employees will receive severance benefits and outplacement assistance.
    AmeriCredit recently raised equity to increase the company's capitalization and is slowing loan originations until there is better clarity about the future of the economy. The job eliminations and related expense reductions align the company's cost structure with planned lower loan originations. These actions will result in a 10 percent reduction in operating expenses in the second half of fiscal 2003 after implementation costs and, along with lowered origination levels, are incorporated in the company's current earnings guidance.
    "We are moderating our loan origination volume and need to adjust our staffing and expense levels accordingly," said AmeriCredit Chief Executive Officer Michael R. Barrington. "These important steps, including the equity raise, will help preserve the company's financial flexibility in light of the challenging economic conditions and position AmeriCredit as an even stronger company when the economy improves."
    AmeriCredit Corp. is the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases installment contracts made by auto dealers to consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers throughout the United States and Canada and more than $15 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.