TUPELO – The American Car Center used car dealership on South Gloster Street was among 40 stores in 10 states that abruptly closed more than a week ago after the Memphis-based company said it was ceasing all operations.
ACC had two other Mississippi dealerships that also closed, in Jackson and Gulfport.
The move came after Bloomberg reported the company had pulled a $222 million bond sale. The closures of the dealerships put nearly 300 workers out of work.
In a memo to employees on Feb. 24, American Car Center's Noah Logan said the company had worked "incredibly hard" to avoid the outcome.
"But, at this point, we have no choice,” he wrote. "Effective as of close of business today, February, 24, 2023, the employment of all employees of the company will be terminated. On behalf of the company, thank you for your efforts and I wish you well in your future endeavors.”
American Car Center is owned by York Capital Management LLC.
The first American Car Center was opened in Memphis in 2000. The Tupelo store opened in December 2013, and was the first in Mississippi. It had been the home of Varsity Suzuki, and before that was the long-time home of Metro Ford.
As for how American Car Center customers are to make payments, the company's website directed them to continue making payments per the terms of their agreements.
On its website, ACC said it is not currently able to accept payments to a live representative. Instead, it said customers can pay online through its payment portal at amfinancial.com or they could pay by phone at (877) 720-4477.
