January 29, 2002


DaimlerChrysler Services, Ford Credit, and GMAC to form joint venture

Southfield, Michigan – DaimlerChrysler Services North America, Ford Credit and GMAC announced that they will form a joint venture to build a new dealer credit application management system. The system will offer dealers a common platform for submitting credit application information to the multiple finance sources they do business with. The system also will allow dealers easy access to each joint venture participants’ unique products and services.

The joint venture participants will form a new company to build, manage, maintain, and further develop the dealer credit application management system. The participants believe that together they can develop this tool more quickly, efficiently and effectively than any of them could do separately. The new company’s mission is to provide a tool that allows each company to help its dealers improve their efficiency and customer satisfaction.

“While DaimlerChrysler Services North America, Ford Credit and GMAC have consistently improved their individual systems, dealers have expressed their desire for a common tool to manage their credit application process with multiple finance sources,” the joint venture participants said.

A launch date for the new system will be announced once details are finalized. The company will be located in Southfield, Michigan. Currently there are a total of 30 employees from the three companies working on planning for the project.

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