Automotive Intelligence

News of  April 18, 1999

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Finnegan Named GM Executive Vice President GMAC
DETROIT -- General Motors Corporation announced today that John D. Finnegan has been elected an executive vice president of General Motors, effective May 1, 1999. He also will be elected chairman of General Motors Acceptance Corporation (GMAC) while continuing as its president. He will reprt to John F. Smith, Jr., GM chairman and chief executive officer.

Finnegan has been vice president and group executive of General Motors and president of GMAC since Nov. 17, 1997. "This promotion recognizes the increasing importance of the GMAC organization to GM," Smith said. "We intend to intensify GMAC's focus on the many growth opportunities in the financial services arena."

John D. Finnegan

John D. Finnegan

GMAC provides a broad range of products and services including automotive financing, insurance, and mortgage banking. GMAC's operations span the globe with more than 20,000 employees in 750 offices in 35 countries. GMAC has approximately 13 million retail automotive, mortgage, and insurance customers and policyholders.

Over the last four years, GMAC has grown significantly with serviced assets and net income up 34 percent and 44 percent respectively, over that period. A good deal of this improvement has come in GMAC's North American operations which have grown assets and reduced costs while working more closely with GM's North American automotive-marketing units.

In addition, GMAC's auto financing operations have expanded geographically, entering six new countries over the last three years. GMAC has also continued to diversify outside the automobile-finance business as it has grown its mortgage and insurance businesses both in the United States and overseas into industry-leading positions, and entered into new business areas such as asset-based lending.


DaimlerChrysler Reports International Sales For Dodge, Chrysler and Jeep(R) Brands
Auburn Hills, Mich., April 8, 1999 - DaimlerChrysler (NYSE: DCX) announced that total sales for the Dodge, Chrysler and Jeep(R) brands outside of North America were down 15 percent for the month of March, with 16,562 units sold, compared to 19,529 units sold one year ago.

Sales of those brands in Europe were 9,510, a 3 percent decrease over sales of 9,838 units during the same month last year. Other regions include: Latin America, with sales of 3,012 units sold, a 39 percent decrease from last year; Asia/Pacific, with 3,196 units sold, a 9 percent decrease; and Middle East/Africa, with 844 units sold, a 32 percent decrease.


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