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General Motors Financial Company, Inc. is the financial services arm of General Motors.The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China.
April 24, 2009: GM announced that they will be scrapping the Pontiac brand in an effort to invest more money into their major brands (Buick, Cadillac, Chevrolet, and GMC). [84] It was the second discontinuation of a major GM brand in the 21st century, after Oldsmobile (which ended production in 2004).
On December 10, 2008, the House Financial Services Committee released a copy of the proposed financial bailout package [71] for GM, Ford, and Chrysler. The bill proposed the appointment of a ' car czar ' to oversee automakers' restructuring efforts, [ 72 ] and restrictions on executive bonuses, golden parachute packages and required automakers ...
Buick; Cadillac; Chevrolet; Daewoo (GM owns 44%) Fiat (GM has decided to divorce itself from Fiat as of Feb '05, but will retain 10% ownership.) GMC; Holden (brand discontinued in 2020) Hummer (brand discontinued in 2010, reintroduced as a GMC model in 2021 and 2023) Oldsmobile (brand discontinued in 2004) Pontiac (brand discontinued in 2010)
Studies have shown that the average per-unit finance cost can be higher when financing through a dealership than independent lenders. For example, one study found that the price increased by $674 when dealer financing was used, potentially due to additional products or services (an average of 4.63 add-ons per deal) in the financing package. [4]
Thanks to consumer financing via GMAC (founded 1919), easy monthly payments allowed far more people to buy GM cars than Ford, as Henry Ford was opposed to credit on moral principles (nevertheless, Ford did offer similar credit arrangements with the introduction of the Model A in the late 1920s, but Ford Credit would not exist until 1959).
Renault announced a net profit for 2008 of 599 million euros for the 2008 financial year. This was a 78% drop in profits from the 2007 financial year. European sales fell 4% and worldwide sales 7%, forcing Renault to abandon their 2009 growth targets. [37] This however made Renault one of the few car makers to return a profit.
Subaru supplies a factory-backed team for Rally America, and has won the driver's title in five of the seasons. [14] Starting in 2006, Subaru of America sponsored the Subaru Road Racing Team (SRRT) with a Subaru Legacy 2.5 GT Spec-B in the Grand-Am Street Tuner class. In 2010, SRRT campaigns a WRX STI in the Grand Sport class. [15]