Citigroup May Join Cerberus in GMAC Bid
Citigroup Inc. has joined Cerberus Capital Management LP in a group that may bid between $11 billion and $15 billion for General Motors Corp.'s finance unit, according to Bloomberg.com.
Citigroup Inc. has joined Cerberus Capital Management LP in a group that may bid between $11 billion and $15 billion for General Motors Corp.'s finance unit, according to Bloomberg.com.
The bidders for a 51 percent stake in General Motors Acceptance Corp. include another group headed by Wachovia Corp. and Kohlberg Kravis Roberts & Co., people familiar with the negotiations told Bloomberg.com.
General Motors, the world's largest automaker, needs to sell the unit to cut borrowing costs for auto loans after credit-ratings companies such as Standard & Poor and Fitch Rating cut its debt to junk. Detroit-based GM lost $8.6 billion in 2005 as it struggled to pay increased health-care bills and lost U.S. market share.
After a sale, S&P has said it may reward GMAC with an investment grade rating. Because of the potential sale, S&P rates GMAC BB, three steps above GM and two levels below non-investment grade.
More F&I
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →
Amplify 2026 Billed as Turning Innovation Into Results
Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.
Read More →
Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →
Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →