Advance America Cash Advance

Advance America
Subsidiary
Industry Financial Services
Founded 1997
Headquarters Spartanburg, SC
Area served
 USA
Key people
 William M. Webster IV
(Chairman of the Board)
J. Patrick O'Shaughnessy
(President) (CEO) (Director)
Revenue Increase US$600 Million (FY 2010)[1]
Increase US$35.8 Million (FY 2010)[2]
Total assets Decrease US$432 Million (FY 2010)[3]
Total equity Increase US$235 Million (FY 2010)[4]
Number of employees
 6,000 - December 2013
Parent Grupo Salinas
Website AdvanceAmerica.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

In 2012, Grupo Elektra, a wholly owned subsidiary of Grupo Salinas, acquired Advance America, the largest payday loan company in the United States, for an estimated $780 million USD.[17]

References

  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. ↑ "Archived copy". Archived from the original on October 20, 2011. Retrieved 2011-10-04.
  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)
  17. ↑ Grupo Elektra to Acquire Advance America for $10.50 Per Share

External links

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