GMAC

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Headquarters: 200 Renaissance Center P.O. Box 200 Detroit, MI 48265-2000 Employees: 24,000 CEO: Alvaro de Molina Privately held Website: http://www.gmacfs.com Career Site GMAC Financial Services is a global finance company operating in and servicing North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, real estate finance, insurance, commercial finance and online banking.As of March 31, 2009, the organization had $180 billion in assets and serviced 15 million customers around the world. GMAC has cut back on loans this year for automotive sales due to the credit crisis and has stopped leasing. This has dramatically hurt sales of cars at GM. Founded in 1919 as a wholly owned subsidiary of General Motors Corp., GMAC was established to provide GM dealers with the financing necessary to acquire and maintain vehicle inventories and to provide customers a means by which to finance vehicle purchases. The company's products and services have since been expanded and now include three primary lines of business: automotive financing, real estate financing and insurance. On Nov. 30, 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by private equity firm Cerberus Capital Management, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group. In December 2008, GMAC converted to a bank holding company which makes it eligible for funding from the U.S. Treasury to assist ailing banks. The company cut its workforce by 930 employees this year through restructuring that included merging a number of separate business offices into five regional business centers located in the areas of Atlanta, Chicago, Dallas, Pittsburgh and Toronto. In May 2009, GMAC relaunched its online banking division as Ally Bank with FDIC deposits guaranteed up to $250,000. History * 1919: Branches open in Detroit, New York, Chicago, San Francisco and Toronto. * 1920: Expansion to Great Britain. * 1928: Four millionth retail contract. * 1939: Motors Insurance Corporation (MIC) formed, replacing earlier insurance products. Now a part of GMAC Insurance Holdings. Post WWII: GMAC growth surges with that of parent GM. * 1958: GMAC finances 40 millionth vehicle. * 1977: 75 millionth vehicle mark. * 1985: 100 million vehicles and first-ever annual earnings of $1 billion. GMAC enters the mortgage business. * 1999: Highest earnings ever; purchase of Bank of New York's asset-based lending and factoring business unit creates new Commercial Finance Group. * 2000: $1.6 billion earnings, a record. Global growth in all sectors of the organization. North American Operations (NAO) launches SmartAuction, an Internet-based remarketing channel for GMAC off-lease vehicles. * 2001: $1.8 billion earnings, a record. Since its inception, GMAC has provided more than $1 trillion of financing for 150 million cars and trucks around the world. * 2002: Nearly $1.9 billion earnings, a record. GMAC has a presence in 41 markets. * 2003: Earnings surge to nearly $2.8 billion, an all-time record. SmartAuction emerges as a top Internet remarketing tool with cumulative sales to exceed one million in 2004. * 2004: Net income of $2.9 billion in 2004, marking yet another year of record earnings and tenth straight year of increased profits. International Operations makes historic entrance into China; sales of insurance to GM customers increases eightfold; GMAC Automotive Bank opens its doors. * 2005: Net income of approximately $2.4 billion in 2005. * 2006: GM sells a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P. Updated July 16, 2009