GM Lending Unit to Become GM Financial After AmeriCredit Deal Closes
General Motors Co.'s acquisition of auto finance company AmeriCredit Corp. closes on Friday, Oct.1.
Earlier today AmeriCredit stockholders approved the all-cash transaction of approximately $3.5 billion, GM said in a statement. The tentative acquisition was announced in July, Automotive News reported.
When the deal closes on Friday, AmeriCredit will be renamed General Motors Financial Inc. It will expand GM's financing and leasing capabilities. For example, one of the first financing initiatives will be a regional lease program that will be launched in the first quarter of 2011.
“This acquisition allows GM to offer an enhanced range of solutions for our customers and dealers and establishes an important strategic capability for GM,” said Chris Liddell, GM vice chairman and CFO. “The speed by which this transaction occurred is evidence of how we are running GM today. We identified an opportunity and moved quickly to provide solutions for customers and dealers.”
“While the name is changing, our commitment to our customers and dealers remains paramount,” said AmeriCredit CEO Dan Berce. “We are excited to become a member of the GM family and look forward to the new opportunities this provides us.”
AmeriCredit already has relationships with about 4,000 GM dealers and 800,000 customers. The finance company has 3,000 employees in the United States and Canada and $9 billion in auto receivables.
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