Ally Financial takes the top spot in Auto Finance News ’ Big Wheels ranking, an annual report that ranks car lenders and lessors.
Ford Motor Credit Company reported net income of $1.8 billion in 2011, compared with $2 billion a year earlier. On a pre-tax basis, Ford Credit earned $2.4 billion in 2011, compared with $3.1 billion in the previous year.
Ford Motor Credit appointed Bernard Silverstone as the company’s new COO. Silverstone is a 32-year veteran of the company and currently serves as the captive’s president of marketing and sales.
Ford Motor Credit Company announced the launch of Lincoln Automotive Financial Services (LAFS), a new captive established to serve Lincoln customers.
The American Financial Services Association announced that John Noone, Ford Motor Credit Company president, was appointed AFSA 2011-2012 chair.
Company officials partially attribute Ford Motor Credit Company’s $173 million decrease in earnings to reductions in credit loss reserves and other expenses, the company reported today.
Ally Financial seized on a market buoyed by new loan originations to claim the title of largest auto finance company in the United States in 2010, according to the new Auto Finance Big Wheels annual ranking of car lenders and lessors.
Ford Motor Company today reported first quarter 2011 net income of $2.6 billion, an increase of $466 million from first quarter 2010 as fuel-efficient new products, continued investment in global growth and the strengthening of Ford’s core business boosted results.
Ford Motor Credit Company reported net income of $2 billion in 2010, an improvement of $0.7 billion from earnings of $1.3 billion a year earlier.
Ford Motor Company has named K.R. Kent, currently chief financial officer of Ford Motor Credit Company, to the newly created position of executive director of investor relations.
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