Preferred Automobile Credit Co. (PACCO) was founded in 2003, as an affiliate of Preferred Warranties, Inc. (PWI). Our company’s sole purpose is to provide financing for pre-owned vehicles, with loans being made available exclusively through dealerships qualified and approved to offer extended service contracts marketed by PWI. Fairness and integrity are qualities firmly embedded in the PACCO’s business practices. PACCO is proud to be a member of the American Financial Services Association (AFSA) and, by resolution of the Board of Directors, has adopted AFSA’s Code of Ethics.

PACCO was founded by Wayne Herring, who serves as Chairman of the company. Mr. Herring is also the Chairman, President and Chief Executive Officer of Preferred Warranties, Inc. (www.warrantys.com). Since its founding in 1992, PWI has been recognized for consistent growth and ethical business practices. PWI was voted #1 by the Northeast Pennsylvania Business Journal and was #179 on the Inc. 500 list of the fastest growing U.S. companies in business 5+ years. In addition, PWI was awarded the Northeastern Pennsylvania Better Business Bureau’s Torch Award for Marketplace Ethics in 1997-98.

PACCO’s president is C.J. Zaruba. Before joining PACCO, Mr. Zaruba was Senior Manager in charge of FASTruck, a joint venture between DaimlerChrysler Services and Freightliner LLC. Prior to that, Mr. Zaruba was Senior Manager in charge of over $4 billion in commercial retail and lease receivables for DaimlerChrysler Services. Mr. Zaruba joined DaimlerChrysler as a corporate attorney and was later promoted to Division Counsel and Senior Division Counsel in charge of Freightliner Financial Services legal matters.

PACCO, a Pennsylvania limited partnership, is majority owned by PWI Holdings, Inc., a Pennsylvania corporation and portfolio company of Harbert Private Equity Fund II, LLC, a Delaware limited liability company with $180 million in committed capital.