ACO, C.A.

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ACO, C.A. is a Venezuelan holding company for an umbrella organization of over eighty companies engaged in a wide variety of industries throughout Venezuela predominately in the automotive industry. It is best known for the sale, servicing and leasing of automobiles nationally. It was founded starting 1951 by Albert Tattar along with Harry Mannil and Arnold C. Orav, and the backing of Alcoa Aluminum Corp., the Mendoza family (Polar Group) via Juan Simon Mendoza, and various prominent Venezuelan investors. The company was initially presided over by Albert Tattar. It emerged in the 1970s as the world's largest tractor dealership as the exclusive dealer for John Deere Tractors in Venezuela which commanded about 80% of the market. It also became the largest automobile dealership in South America, according to verified statistical compilations by Ford Motors (USA). a significant contributor to the success of the Grupo Aco was the innovative introduction in Venezuela of in-house auto sale financing using a captive finance company. The leadership of the conglomerate passed to Harry Mannil. Under his direction, the group continued to expand and prosper. It passed the US $ one billion in sales during 1973 and ranked as the most profitable private sector company in the nation in 1973 (according to national tax statistics). Changes in Venezuela's economy and political environment during the early 1980's caused a downturn for many large businesses in Venezuela. In the case of the Aco Group, a financial crisis emerged as motor vehicle sales plummeted and loan repayments in US Dollars overburdened finances. By 1993, the Aco Group was forced into reorganization and a restructuring of the entire group. The first step was the consolidation of all companies into a tightly controlled centralized holding company. A young, dynamic President assumed control and implemented modern management structures. The Aco Group has re-emerged as one of the most lucrative and dynamic private sector companies in Venezuela today. Under the surge of oil revenues in Venezuela, car sales have reached new record levels.