Experian Automotive’s AutoCount has ranked the top auto finance lenders for 2008, listing Toyota Financial Services at the No. 1 spot and revealing that GMAC, Ford Motor Credit and Chrysler Financial Services lost significant market share in a watershed year for the U.S. automotive industry.
Dealers and industry executives address questions about the future of the auto industry and the U.S. economy at the 2009 NADA Convention and Expo.
GMAC Financial Services reported a 2008 fourth-quarter profit, which was achieved by the proceeds from a debt swap that offset losses at its automotive finance and mortgage businesses.
It’s funny how things work. There were so many detractors of the automotive bailout loan, yet no one has said much about how quickly Chrysler LLC and General Motors put American taxpayers’ money to work.
GMAC Financial Services confirmed upcoming changes to its board of directors on Jan. 9, the same day its Chairman J. Ezra Merkin resigned from the board.
I was asked at the magazine’s September F&I Conference and Expo when I thought this mess we’re in would turn around. My response was, “Ask me again this time next year.”
Nothing could describe the month of July better than a headline I read in CNW Market Research’s July 16 newsletter. It read: “Time to Panic: Industry Pushes Into Auto DefCon4.” I wonder what the headline would have read if the newsletter was released nine days later.
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