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February 20, 2008

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GMAC Financial Services Starts Wholesale Business in Russia

Moscow - GMAC Financial Services today announced that its Moscow-based Russian operation GMAC-CIS began providing wholesale services to General Motors dealers in Russia. GMAC-CIS will operate the wholesale administration and be responsible for the vehicle inventory management programs of Saab, Opel, Cadillac, Corvette and Hummer brands in Russia. The start of wholesale business in Russia continues GMAC's growth in the European region, following recent expansion in Central and Eastern European markets via private label agreements.

GMAC-CIS has been established to provide maximum support for further growth of GM brands in Russia. "Our objective is to support GM's business in Russia with high-quality GMAC products. The new vehicle inventory plan has been tailored to the Russian market and provides a sound basis for further expansion to enhance the competitiveness of GM brands and the authorized dealerships," stated Jose Maria Prous, regional manager GMAC Europe.

The wholesale program began this month with over 100 dealers throughout Russia. GMAC expects wholesale business in Russia to total about 120,000 units this year with additional growth anticipated.

GMAC has established a sound risk management system to provide a foundation for future growth initiatives. As a leader in automotive finance, GMAC will leverage its global expertise to provide its Russian customers professional world-class automotive services including capability in wholesale services.

GMAC successfully entered the retail business market in Russia through a private label agreement with Alpha Bank in 2007. The company conducts automotive financing business in 32 countries throughout Europe.

(Feb 16, 2008)

 

 


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