Advance America

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Advance America
TypePublic (NYSEAEA)
IndustryFinancial Services
Founded1997
HeadquartersSpartanburg, SC
Area servedUSA
Key peopleWilliam M. Webster IV
(Chairman of the Board)
J. Patrick O'Shaughnessy
(President) (CEO) (Director)
RevenueIncrease US$600 Million (FY 2010)[1]
Net incomeIncrease US$35.8 Million (FY 2010)[2]
Total assetsDecrease US$432 Million (FY 2010)[3]
Total equityIncrease US$235 Million (FY 2010)[4]
Employees6,000 - December 2013
ParentGrupo Salinas
WebsiteAdvanceAmerica.net
 
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Advance America
TypePublic (NYSEAEA)
IndustryFinancial Services
Founded1997
HeadquartersSpartanburg, SC
Area servedUSA
Key peopleWilliam M. Webster IV
(Chairman of the Board)
J. Patrick O'Shaughnessy
(President) (CEO) (Director)
RevenueIncrease US$600 Million (FY 2010)[1]
Net incomeIncrease US$35.8 Million (FY 2010)[2]
Total assetsDecrease US$432 Million (FY 2010)[3]
Total equityIncrease US$235 Million (FY 2010)[4]
Employees6,000 - December 2013
ParentGrupo Salinas
WebsiteAdvanceAmerica.net

Advance America Cash Advance was founded in 1997 and is the largest provider of the non-bank cash advance services in the United States.[5] As of December 31, 2013 Advance America operated over 2500 lending centers in 29 states and 18 centers in Canada.[6] Advance America does not franchise any of its centers in the United States or Canada and does not provide pawn lending or similar services.[7] Advance America is a member of the Consumer Financial Services Association of America,[8] which sets best practices standards for its membership.[9]

Advance America provides its cash advances in small-denomination, short-term amounts.[10] The advances come due on the customer's next payday.[11] The company's stated goal is to attract customers by offering straightforward, rapid access to short-term funding, while providing high quality, professional customer service.[12]

Advance America's current President and CEO is J. Patrick O'Shaughnessy.[13] O'Shaughnessy previously served as the company's CFO. William Webster IV,[14] a former Clinton administration official,[15] is chairman of the board.[16]


Buyout[edit]

On February 16, 2012, Advance America announced that it is being acquired by Grupo Elektra, S.A.B. de C.V in a buyout that is estimated to be worth approximately $780 million.

References[edit]

  1. ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Income." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
  2. ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Income." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
  3. ^ "Advance America, Cash Advance Centers, Inc. Consolidated Balance Sheets." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
  4. ^ "Advance America, Cash Advance Centers, Inc. Consolidated Statements of Stockholders' Equity." Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm#fa79501_item_8._financial_statements_and_supplementary_data)
  5. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  6. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  7. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  8. ^ Community Financial Services Association of America website. "CFSA Corporate Member Companies." CFSAA.com Accessed July 20, 2011. (http://cfsaa.com/about-cfsa/2011-cfsa-members.aspx)
  9. ^ Community Financial Services Association of America website. "CFSA Member Best Practices." CFSAA.com. Accessed July 20, 2011. (http://cfsaa.com/about-cfsa/2011-cfsa-members.aspx)
  10. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  11. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  12. ^ Advance America, Cash Advance Centers, Inc. Form 10-K for the year ended December 31, 2010. Filed with the Securities and Exchange Commission March 3, 2011. (http://www.sec.gov/Archives/edgar/data/1299704/000104746911001973/a2202472z10-k.htm)
  13. ^ "Advance America Cash Advance: CEO & Executives." Businessweek.com. Accessed July 20, 2011. (http://investing.businessweek.com/research/stocks/people/people.asp?ticker=AEA:US)
  14. ^ http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=7404712&ticker=AEA:US&previousCapId=4303924&previousTitle=LKQ%20CORP
  15. ^ http://www2.ed.gov/offices/OS/webster.html
  16. ^ "Advance America Cash Advance: CEO & Executives." Businessweek.com. Accessed July 20, 2011. (http://investing.businessweek.com/research/stocks/people/people.asp?ticker=AEA:US)

External links[edit]