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GMAC Financial Services
GMAC Financial Services is a diversified, global financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses.
Founded in 1919 as a wholly owned subsidiary of General Motors Corp., GMAC was established to provide GM dealers with the financing necessary to acquire and maintain vehicle inventories and to provide customers a means by which to finance vehicle purchases. The company's products and services have since been expanded and now include three primary lines of business: automotive financing, real estate financing and insurance.
On Nov. 30, 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group, Inc
Operations Overview Global Automotive Finance GMAC has one of the world's largest automotive financing operations spanning approximately 40 countries. The company offers wholesale and retail automotive financing services. Although franchised GM dealers and their customers comprise the majority of GMAC's automotive business, the company has begun to diversify its portfolio to other dealer franchises.
Real Estate FinanceThrough our wholly owned subsidiary, Residential Capital, LLC (ResCap), GMAC is a leading real estate finance company focused primarily on the residential real estate market, in the U.S. as well as internationally. Business activities include the origination, purchase, primary and master servicing, sale and securitization of residential mortgage loans.
InsuranceGMAC offers automobile extended service and maintenance contracts, personal automobile insurance coverage, selected commercial insurance coverage, and other consumer products as well as provides certain reinsurance coverage.
GMAC BankAn online bank that offers high-yield savings products, including money market savings accounts and a variety of fixed-rate certificates of deposit. Member FDIC.
Commercial Finance
Through three divisions - Commercial Services Division, European Operations and the Structured Finance Division - this operation provides a full breadth of finance products for middle-market businesses as well as factoring and accounts receivable finance.
HistoryIn the early days of the motor vehicle industry, dealers paid cash to stock their inventory, purchasing just a few vehicles at a time. With the raising popularity of the automobile, dealers like customers, wanted more selection.
As a result, General Motors Acceptance Corporation was formed in 1919 to provide GM dealers with the financing they needed to maintain their vehicle inventories as well as give dealers' retail customers the ability to purchase new vehicles easily and conveniently. Insurance products soon followed.
GMAC Historical Highlights
1919: Branches open in Detroit, New York, Chicago, San Francisco and Toronto.
1920: Expansion to Great Britain.
1928: Four millionth retail contract.
1939: Motors Insurance Corporation (MIC) formed, replacing earlier insurance products. Now a part of GMAC Insurance Holdings. Post WWII: GMAC growth surges with that of parent GM.
1958: GMAC finances 40 millionth vehicle.
1977: 75 millionth vehicle mark.
1985: 100 million vehicles and first-ever annual earnings of $1 billion. GMAC enters the mortgage business.
1999: Highest earnings ever; purchase of Bank of New York's asset-based lending and factoring business unit creates new Commercial Finance Group.
2000: $1.6 billion earnings, a record. Global growth in all sectors of the organization. North American Operations (NAO) launches SmartAuction, an Internet-based remarketing channel for GMAC off-lease vehicles.
2001: $1.8 billion earnings, a record. Since its inception, GMAC has provided more than $1 trillion of financing for 150 million cars and trucks around the world.
2002: Nearly $1.9 billion earnings, a record. GMAC has a presence in 41 markets.
2003: Earnings surge to nearly $2.8 billion, an all-time record. SmartAuction emerges as a top Internet remarketing tool with cumulative sales to exceed one million in 2004.
2004: Net income of $2.9 billion in 2004, marking yet another year of record earnings and tenth straight year of increased profits. International Operations makes historic entrance into China; sales of insurance to GM customers increases eightfold; GMAC Automotive Bank opens its doors.
2005: Net income of approximately $2.4 billion in 2005.
2006: GM sells a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P. Contact Team Advantage GMAC Today for your Columbus, Edinburgh, Franklin, Greensburg, Hope, Nashville, North Vernon, and Seymour, Indiana Real Estate Needs
If you are thinking of buying a home, selling a home, or want to talk with an expert Real Estate Agent with detailed knowledge of Columbus, Edinburgh, Franklin, Greensburg, Hope, Nashville, North Vernon, and Seymour, Indiana Real Estate, please feel free to contact us click here. Simply call us at 812-372-GMAC(4622), or Rusty@teamadvantagegmac.com us. We’ll be glad to talk with you, and help you in all of your Columbus, Edinburgh, Franklin, Greensburg, Hope, Nashville, North Vernon, and Seymour, Indiana Real Estate needs. |
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