In an attempt to provide more access to subprime lending and leasing, General Motors announced today that its acquisition of AmeriCredit Corp. will close Oct. 1, 2010, following the approval of AmeriCredit’s stockholders today. The new company will be renamed General Motors Financial Company, Inc. (GM Financial).
“This acquisition allows GM to offer an enhanced range of solutions for our customers and dealers, and establishes an important strategic capability for GM,” said GM Vice Chairman and Chief Financial Officer Chris Liddell. “The speed by which this transaction occurred is evidence of how we are running GM today. We identified an opportunity and moved quickly to provide solutions for customers and dealers.”
The Detroit automaker said that GM Financial will work closely with dealers to offer more financing and leasing options, including a new regional lease program that will be launched by the end of the first quarter of next year.
AmeriCredit stockholders approved the all-cash transaction valued at around $3.5 billion earlier today. The company will file a Certificate of Merger with the Texas Secretary of State on Sept. 30, effective Oct. 1.
“While the name is changing, our commitment to our customers and dealers remains paramount,” said GM Financial President and CEO Dan Berce. “We are excited to become a member of the GM family and look forward to the new opportunities this provides us.”
– By: Stephen Calogera