For Thursday 02/06/25, the campus will be closed until 12 noon today due to the severe weather. All classes scheduled after 12 noon will take place as scheduled. Students should check Canvas for details on classes.
SOUTHFIELD–Auto industry entrepreneur and philanthropist Donald A. Foss was inducted Friday into the Lawrence Technological University College of Business and Information Technology’s Hall of Fame.
Foss, a car dealer who founded the auto finance firm Credit Acceptance Corp. and the auto retailer CARite, died in August 2022. The foundation he established in 2016, the Car Dealers Care National Foundation, recently contributed $500,000 to CoBIT, the largest single gift in the college’s history, to fund business education scholarships at LTU.”The scholarship will be used to attract full-time incoming freshmen for the fall
2023 semester who demonstrate academic merit and financial need. Recipients must pursue a major in one of CoBIT’s degree offerings in business administration, accounting, finance, marketing, business data analytics, or information technology,” Bahman Mirshab, CoBIT dean, said during the Hall of Fame ceremony.
Mirshab added that the Hall of Fame “recognizes, honors, and memorializes distinguished leaders in recognition of their significant and lasting impact on the college, faculty, staff, and service to the community and, most importantly, our students.”
Foss, a Detroit native, started his business with a $1,000 loan to buy a tow truck. He towed cars until making enough money to open his first used car lot in 1967, at the age of 23. He established Credit Acceptance in 1972 to handle financing at his used car dealerships, which eventually numbered 17. By the late 1980s, he would sell his dealerships and concentrate on expanding Credit Acceptance to car dealers across the country. Foss also established CARite in 2011 to improve the used car buying experience. He retired in 2017.
Former Foss employee John Neary, now a trustee of the Car Dealers Care National Foundation and a member of the LTU CoBIT Board of Advisors, was instrumental in arranging the donation for LTU scholarships. During the induction ceremony, Neary called Foss “a lion with a very, very gentle soul” and “an exceptionally good person.”
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