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 needed to get its method in this moving monetary solutions landscape. More tumultuous was the known proven fact that the organization quickly had to fight a 1987 takeover effort by money America Overseas Inc., a system of pawn shops desperate to enhance its operations. The publicly exchanged Cash America eventually abandoned the purchase as a result of issues on Wall Street that the business ended up being venturing too far afield from the 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 line with its give attention to development, ACE started 52 new shops between 1987 and 1989. By 1990, ACE reported revenue of $16.6 million. The company also searched for opportunities to enter additional markets although its operations were still highly concentrated in Texas and Colorado. For this end, ACE sought to obtain Check Express, another big check-cashing string, in 1991. Strongly found in the southeast, Check Express offered ACE a foothold into brand new areas. The offer ended up being rejected, nonetheless, by Check Express ’ s board of directors in November 1991. (más…)