OUR START

Morrison Acceptance Corporation, MAC, was established in 2003 with the goal of creating alternative finance products for the consumer market.

MAC was started as a partnership between two people, David Morrison, who has over 25 years of asset-based business lending experience and Stuart Sherman, who has over 20 years of Consumer Marketing and Technology experience. The partnership resulted in the creation of a company with advanced computer systems and strong financial controls as well as access to capital, both from the Partners and from Institutional Investors.

IN THE BEGINING

MAC’s first product was sub-prime car loans (leases) and the business grew rapidly. With sales reps on the road MAC built a healthy portfolio but found it difficult to compete as lenders dropped their rates and standards in the year prior to the sub-prime melt down. As a result of MAC’s desire to grow while making smart lending decisions, MAC began looking at acquiring existing companies. What we quickly discovered in the due diligence phase of our acquisition process is that most of the companies we were looking at were suffering from “Lender Fatigue” which related directly to their existing Lenders’ dissatisfaction and often outright distrust of existing Management. MAC found it difficult to value the portfolios and businesses due to obvious endemic fraud and poor record keeping, but what we quickly discovered is that the Lenders liked MAC.

Thus a new business division was born. MAC started running-off troubled Lease Portfolios for Bank Of Nova Scotia, Canadian Imperial Bank of Commerce, and several other smaller, boutique Vehicle Finance Lenders. This business was attractive to MAC due to its use of MAC’s sophisticated software systems centered around the processing of payments as well as managing less than prime portfolios.

OUR REPUTATION

MAC’s reputation in the industry grew and Stuart Sherman was invited to become a member of OMVIC (the licensing body for Car Dealers in Ontario) Discipline Committee, serving as a judge in cases of Dealer misconduct. Additionally, MAC’s work in the Finance Community was recognized in many areas, most prominently when Stuart Sherman was named the Canadian Lease and Finance Association (CFLA)’s “Member of the Year” for his contributions to their online continuing education program.

THE FUTURE ...

Today, having wisely sold its “in-house” portfolio in the late summer of 2007 (before the crash) MAC focuses on three key areas: Lending, Portfolio Administration, & Transactional Software Systems. This web site will provide a high level overview of all three areas. We are happy to provide you with additional information by using the contact form in the Contact Us section.