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Auto lender GMAC Financial Services said Monday it expects to announce a combined fourth-quarter net loss of about $5 billion, hurt by its struggling mortgage division, reported The Associated Press.
Detroit-based GMAC said a previously disclosed $3.8 billion pretax charge was the main driver of the anticipated losses, and it had taken steps to sell some of its mortgage assets following a third installment of federal aid.
GMAC received $3.8 billion in taxpayer money last week and has received $16.3 billion in total. The move boosted the government's ownership to 56 percent, from 35 percent.
The Obama administration has tried to keep GMAC alive as part of its rescue of automakers General Motors and Chrysler. GMAC provides wholesale financing to thousands of GM and Chrysler dealers.
Recent survey data shows that the overall demand for auto loans is down, but the demand for subprime loans is up as consumers face economic uncertainty and affordability pressures.
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The Mitsubishi location moves from one Texas automotive group to another, continuing this year’s spate of brisk buy-sell activity.
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As part of its 2030 business plan, Mitsubishi's North America arm will soon open its first 'gallery' store in Tennessee, where customers can learn about the brand, vehicles and technology.
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Just weeks before President Trump is set to meet with the Chinese president, two U.S. senators proposed a bill with the aim of protecting Americans’ data.
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A study of Q1 used-vehicle sales shows many consumers are looking to minimize fuel costs but aren’t willing to go all electric and no longer have a tax break incentive to do so.
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A recent study suggests expectant parents are feeling the burden of bad credit more than other demographics when it comes to buying a new car.
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Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.
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A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.
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EREVs, also known as ‘series hybrids,’ may catch on in the U.S., where they currently have barely a toehold, as automakers tilt away from some purely electric models and consumers crave more range.
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A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.
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