December 1, 2006
General Motors sells GMAC Financial Services
New York, New York – GMAC Financial Services has become an independent global financial company, after 87 years as a wholly-owned subsidiary of General Motors Corp. Yesterday, GM completed the sale of a majority equity stake in GMAC to an investment consortium.
GM and GMAC have entered into a 10-year agreement, under which GMAC will remain the exclusive provider of GM-sponsored auto finance programs, and will continue to provide GM dealers and their customers with the same range of financial products and services as it currently does. GMAC’s existing management team will remain in place, while a new 13-member board was named yesterday; it includes independent members as well as representatives from the consortium.