The Economy Claims Subprime Car Seller ‘American Car Center’
American Car Center was a used car selling company headquartered in Memphis, Tennessee, with over 70 locations across the southeastern United States. The company specialized in providing financing options for people with poor credit and aimed to make the car buying experience easy and affordable for its customers. However, on Friday, February 24, 2023, the company abruptly ceased all of its businesses and operations, leaving nearly 300 employees at the Memphis headquarters out of a job.
According to reports, the employees were informed of their job loss on the same day the company closed its doors, leaving many shocked and uncertain about their future. The news of American Car Center’s sudden closure has also left customers who have purchased vehicles from the company with questions about their financing and warranties.
American Car Center had been operating for over two decades and had garnered a reputation for offering quality used cars and flexible financing options to people who may have had difficulty obtaining car loans elsewhere. However, the recent economic climate of higher interest rates will claim many who operate at the edge of the subprime market.
