ACE Money Express, Inc. Early Reputation For Check-Cashing Industry

ACE Money Express, Inc. Early Reputation For Check-Cashing Industry

Expansion: 1988-97

From the inception, ACE had to locate its means in this moving monetary services landscape. Much more tumultuous was the known proven fact that the organization quickly needed to battle a 1987 takeover effort by money America Global Inc., a system of pawn stores wanting to enhance its operations. The publicly exchanged money America eventually abandoned the purchase as a result of issues on Wall Street that the business was venturing too far afield from its core pawn store company. The company ’ s top priority in an effort to maintain ACE ’ s leading position in an increasingly competitive industry in the aftermath of Cash America ’ s bid, ACE president Don Neustadt and chairman and CEO Ray Hemmig made expansion.

In keeping with its concentrate on development, ACE started 52 brand new shops between 1987 and 1989. By 1990, ACE reported income of $16.6 million. Although its operations remained extremely concentrated in Texas and Colorado, the business additionally sought out possibilities to enter extra areas. For this end, ACE desired to obtain Check Express, another big check-cashing string, in 1991. Strongly found in the southeast, Check Express offered ACE a foothold into brand brand new areas. The offer had been rejected, but, by Check Express ’ s board of directors in 1991 november. Continue reading “ACE Money Express, Inc. Early Reputation For Check-Cashing Industry”