About This Deal

CAPITAL ONE FINANCIAL CORP acquired Onyx Acceptance Corporation for ~$191 million ($28.00 per share, all cash), a transaction completed in January 2005, structured as all cash.

Onyx Acceptance Corporation operates in Auto finance, is based in Foothill Ranch, California, USA, had revenue of about ~$2.5 billion in auto loan originations (12 months ended Jun 30, 2004). Capital One acquired Onyx Acceptance Corporation, an independent auto-finance company, in an all-cash deal at $28.00 per share for about $191 million, completed in January 2005. Onyx originated roughly $2.5 billion in auto loans in the twelve months ended June 30, 2004 through more than 12,000 active dealer relationships. Folding Onyx into Capital One Auto Finance expanded dealer coverage and coast-to-coast penetration and created what was then the second-largest independent auto lender in the U.S. by annual originations. (No dedicated Capital One 8-K; deal value from contemporaneous trade-press reporting.)

Expands Capital One Auto Finance's dealer relationships, deepens coast-to-coast market penetration, and enhances its product line.

A national dealer network and origination platform that roughly doubled Capital One Auto Finance's dealer reach. Expanded dealer relationships and coast-to-coast auto-lending scale. Merged into Capital One Auto Finance, Inc.

Deal Terms

Acquirer
CAPITAL ONE FINANCIAL CORP
Target
Onyx Acceptance Corporation
Value
~$191 million ($28.00 per share, all cash)
Date
January 2005
Type
Full acquisition
Status
Do not publish

Transaction Details

Target HQ
Foothill Ranch, California, USA
Segment
Auto finance
Structure
All cash
Target revenue
~$2.5 billion in auto loan originations (12 months ended Jun 30, 2004)
Announced
October 1, 2004
Closed
January 1, 2005

Advisors

Advisory firms were not disclosed for this transaction.

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Sources: Press release ↗ · Last updated July 14, 2026

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