GMAC Announces Record Q2 Earnings
DETROIT -- General Motors Acceptance Corp. earned a record $860 million in the second quarter of 2004, up from $834 million a year ago.
DETROIT -- General Motors Acceptance Corp. earned a record $860 million in the second quarter of 2004, up from $834 million a year ago.
Earnings from GMAC's financing operations rose 14 percent to $452 million in the second quarter, up from $396 million a year ago. Lower credit losses and improved lease-residual values more than offset narrower net interest margins, according to the company.
"We're very pleased with GMAC's record-breaking performance," said Rick Wagoner, GM chairman and chief executive officer. "GMAC continues to do an outstanding job managing its global portfolio of businesses. It's auto financing business, in addition to supporting GM sales, is turning in strong profitability around the globe."
The finance arm's success, combined with increased automotive earnings, helped boost GM's overall earnings to $1.3 billion in the second quarter of 2004, up from $879 million in 2003.
More F&I
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Leading with Purpose
In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.
Read More →
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 →