GMAC Finance Chief Leaves for Private-equity Firm
NEW YORK - The CFO of GMAC Financial Services is leaving the auto lender to join a private-equity firm, Reuters reported. Robert Hull will join Providence Equity Partners in April as chief financial officer. Before arriving at GMAC in 2007, he was CFO of Bank of America Corp.'s global wealth and investment management business, Providence Equity said in a statement. GMAC said Hull, 46, will leave at the end of the month. The former General Motors finance arm will search internally and externally for a replacement, according to a U.S. regulatory filing. The lender has been kept afloat with government support and is now 56 percent owned by the U.S. Treasury. Cerberus Capital Management LP owns 14.9 percent; third party investors own 12.2 percent; an independent trustee for GM owns 9.9 percent; and a GM affiliate owns 6.7 percent.
More Industry
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
Consumer Outlook on the Rise
Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.
Read More →
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →