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GMAC Finds Lower Remarketing Volume Affects Finance

July 28, 2006

DETROIT—GMAC Automotive Finance has recently reported lower earnings for the second quarter of this year compared to the same period a year ago. As reported by AutoRemarketing.com, GMAC saw earnings of $251 million, down from $366 million earned in the same quarter last year.

According to a GMAC spokesman, remarketing operations have increased dramatically over the last several years. Currently, the company has a penetration of 19 percent and hopes to keep leasing penetration between 15 and 20 percent for each quarter. Last year, during the second quarter the rate was at 16 percent.

The company attributes the higher percentage this year to their 72-hour sale, but projects the percentage to be lower in the third quarter.

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