What is GMAC?

Answer 1

GMAC or General Motors Acceptance Corporation is a diversified, global financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses.

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 Cerberus Capital Management, L.P., a private investment firm, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group, Inc.