FARMINGTON HILLS, Mich. -- Chrysler Financial turned 40 on July 23. With a portfolio of more than $50 billion, Chrysler Financial provides wholesale vehicle financing and lines of credit to more than 4,000 dealers in the United States.
"We’re a key ingredient of a dealer’s operations and look to the future of our business to continually provide our dealers with flexible, best-in-class service and product solutions," said Jürgen Walker, president and chief executive officer of DaimlerChrysler Services North America. "This celebration is a testament to our dealers that we are focused on building loyal, long-term successful partnerships."
"Chrysler Financial thanks Chrysler, Jeep and Dodge dealers for their support of the finance company during the last 40 years and we know that we only succeed by making them successful," said Klaus Entenmann, vice president of Chrysler Financial.
Small beginnings in 1964 produced a portfolio of $25 million followed by seven years of rapid growth. The first president of Chrysler Credit Corp., Gordon Areen, said, "Our principal motive was to provide much needed services to our dealers." Today the company is one of the leading financial services providers worldwide with a portfolio of $85 billion in North America.
"Today the integrity and service-driven attitude of our employees make up our rich heritage and continues to allow us to respond to our customers' needs and meet the challenges of an ever-changing automotive finance market," said Entenmann.
Time Line
1964: Chrysler Credit Corp. and Car City Insurance are founded
1965: Car City Insurance issues the first policy on a Chrysler 300
1966: Chrysler Credit Canada Ltd. is founded
1967: Chrysler Credit is renamed Chrysler Financial Corp.
1968: Chrysler Financial Corp.'s net earnings jump from $2.9 to $9.2 million
1972: Car City Insurance is renamed Chrysler Insurance
1974: Chrysler Financial began operations in Mexico
1998: Chrysler and Daimler-Benz merge to form DaimlerChrysler Corp.
1999: Chrysler Financial Corp. and Mercedes-Benz Credit Corp. merge operations later to be renamed DaimlerChrysler Services
2000: Chrysler Credit Canada and Mercedes-Benz Credit Canada merged to form DaimlerChrysler Services
2001: Chrysler Insurance is renamed DaimlerChrysler Insurance Company
2004: Chrysler Financial celebrates 40 Years of Finance
