Onyx Acceptance Chief Executive Honored as 1999 Entrepreneur of the Year
18 June 1999
Onyx Acceptance Chief Executive Honored as 1999 Entrepreneur of the Year - CEO Recognized for Innovation, Technology and Successful Growth -
FOOTHILL RANCH, Calif., June 18 -- Onyx Acceptance
Corporation announced today that John W. Hall, its President
and Chief Executive Officer, was honored by the 1999 Orange County
Entrepreneur of The Year Judging Panel as Entrepreneur of the Year for
Financial Service companies. The award was presented at a celebratory banquet
held in Irvine, California, on June 16. The Entrepreneur Of The Year awards
program, founded and produced by Ernst & Young, and nationally sponsored by
USA Today, CNN and CNNfn, The Nasdaq-Amex Market Group, and the Kauffman
Center for Entrepreneurial Leadership, honors entrepreneurs whose ingenuity,
hard work and perseverance have created and sustained successful, growing
business ventures. The program was started in 1986 and has grown from
1,100 nominees in 1987 to over 3,800 nominees in 1998, internationally.
The Panel lauded Hall for spotting an opportunity to provide financing for
the most credit-worthy customers purchasing vehicles at dealerships, and five
years later building that opportunity into a profitable company with revenues
surpassing $60 million in 1998.
Award recipients are inducted into the Hall of Fame at the Entrepreneur Of
The Year International Conference in the fall and are entered into the
National Entrepreneur Of The Year Contest.
"I am very pleased and excited that John has been recognized for his
accomplishments with this tremendous award," said Thomas C. Stickel, Chairman
of the Board of Onyx Acceptance Corporation.
"As Chairman of the Company, I am also pleased to see that a highly
profitable and successful company -- without '.com' at the end of its name --
can be recognized for such an award. This is a real tribute to him, his
management team and their leadership ability as Onyx continues to grow."
Onyx Acceptance Corporation is a specialized automobile finance company.
The Company is a leader in prime and near-prime automobile lending. It
provides financing to new and select used car dealerships. Onyx services
dealers from its 16 Auto Finance Centers, which are located throughout the
United States.
This news release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The most significant among these risks and
uncertainties are (a) the Company's level of delinquencies, gross charge-offs
and net losses, (b) the ability to achieve adequate interest rate spreads,
(c) the effects of economic factors on consumer debt, and (d) the continued
availability of liquidity sources. Other important factors are detailed in
the Company's annual report on Form 10-K for the year ended December 31, 1998,
and its quarterly report on Form 10-Q for the period ended March 31, 1999.
For information about Onyx Acceptance Corporation and to view a recent
investor presentation, please visit our website at http://www.onyxco.com.
For information about Onyx Acceptance Corporation and to view a recent
investor presentation, please visit our website at http://www.onyxco.com.