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.
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