ACO was founded in 1951 by Arnold Orav, Chairman along with Harry Männil, President & CEO, and with the financial backing of Alcoa Aluminum Corp. (majority shareholder), the Juan Simon Mendoza family (Polar Group), the Tamayo family (largest Venezuelan liquor distributor et al.), and other prominent Venezuelan investors.
As a result, Grupo Aco commanded a larger market share than would be suggested only by its totally owned companies.
In the case of the Aco Group, a financial crisis emerged as motor vehicle sales plummeted.
Efforts to recover financially were overwhelmed by continuous declines in the nation's private sector economy.
Aco, S.A. was splintered into several groups, with a substantial number of auto dealerships taken under direct ownership by Harry Mannil.