#1578
Donald Foss
Overview
- Source of Wealth
- auto loans
- Industry
- Automotive
- Residence
- Children
- 2
Assets
- Credit Acceptance Corp.1,674,000 shares @ --CACC-US
- GameStop Corp. (Cl A)7,000,000 shares @ --GME-US
Biography
Donald Foss is the founder and former chairman of subprime auto lender Credit Acceptance Corp.
He launched the company in 1972 and was one of the first to offer loan programs that help dealers sell cars to customers with poor or no credit.
Foss ran Credit Acceptance as CEO for three decades, taking it public in 1992.
In early 2017 he stepped down as director of the company and retired.
About
Foss learned the trade from his father, who owned a used-car dealership in Detroit.
Before he launched Credit Acceptance, Foss sold used cars from his driveway and went on to open his first lot in 1967 in Detroit.