Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, is deeply saddened by the passing of Rufus ‘Bud’ Reitzel, Jr., founder and former chairmen of the Company. He was 78.
Mr. Reitzel founded the organization that would eventually become Asset Acceptance Capital Corp., in 1962. Over the course of several decades, Mr. Reitzel developed the Company into one of the largest, most highly regarded accounts receivable management operations in the industry. This year, marks the Company’s 50 th Anniversary. His disciplined yet opportunistic approach to the acquisition of both traditional and non-traditional debt portfolios helped to pave the way for widespread validation of debt collection as a respected and rewarding growth industry.
As Chairman and former CEO of Asset Acceptance, Mr. Reitzel took the Company public in 2004. He retired from his position as chairman and as a member of the board of directors in February 2006. A pioneer of the debt purchasing industry, Mr. Reitzel’s recognitions include Ernst & Young Entrepreneur of the Year, founding member and first president of the Asset Buyers Association and an ACA International Honorary Membership.
“The passing of Bud is a somber moment for all of us at Asset Acceptance,” said Rion Needs, President & CEO of Asset Acceptance Capital Corp. “As one of the most respected pioneers in the industry and as the founder of our Company, he set the standard for the ARM industry. As we continue to grow as a Company, the values and ethics instilled by Bud during his tenure will continue to live on. He will be missed.”Visitation and services will be held at Blount & Curry Funeral Home, 605 S. MacDill Ave., Tampa, Florida. Visitation Friday, October 19, 2012, 4 p.m. to 8 p.m. Saturday, October 20, 2012, 9:30 a.m. to 11:30 a.m.