GMAC grows with leasings of Chevrolet vehicles

Finance & Markets
GMAC grows with leasings of Chevrolet vehicles
206 words
28 August 2008
12:17 pm GMT
Gazeta Mercantil
English
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SÃO PAULO (SP), 28 de agosto de 2008 - Not even the government's monetary squeeze policy to damp inflation should interrupt the trajectory of rising automotive sales in Brazil, which have been reflected directly in the volume of auto financing and the sale of insurance for the market segment. Banco GMAC, the financial services arm of the Chevrolet group, estimates that first half results grew 54% over the same period last year to a record R$7.62 billion (US$4.7 billion).

'We have almost tripled the portfolio in two years, since the volume in June 2006 was R$2.4 billion (US$1.5 billion),' recalled Banco GMAC financial director Sérgio Diniz. Net profits of the institution rose 10.5% in the first half to R$96 million (US$59.3 million).

Automotive, residential and commercial financing and related insurance products are distributed through the network of 500 Chevrolet dealerships in the country. The bank operates in 39 other countries and, excluding North America, Brazil is the second biggest market in growth, following China. The workhorse in Brazil is leasing new vehicles, responsible for 70% of the credit portfolio.

(Maria Luíza Filgueiras - Gazeta Mercantil)


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