International: Successful in 37 countries GMAC International Operations (IO) offers a wide range of wholesale and retail auto financing products to Opel, Vauxhall, Holden, Saab, Buick, Cadillac and Chevrolet dealers in 37 countries across the world. Offerings include full-service vehicle leasing and fleet management services, as well as strategic alliances to provide private label financing to companies such as Subaru and Suzuki.
IO had another strong year in 2005, with net income of $408 million that surpassed 2004’s record income, excluding one-time items, despite significant funding challenges. We experienced strong growth in China, with more than 11,000 retail contracts financed and 250 active wholesale dealers, up from 20 dealers in 2004. Latin America delivered asset growth for the 16th consecutive year, exceeding $5 billion in assets for the first time. And we successfully increased our servicing of Cadillac and Chevrolet across Europe in 2005.
In addition, IO collaborated with GMAC Insurance throughout 2005 to grow that business internationally to the benefit of both groups and that of our customers.
Also in 2005, IO financed more than 100,000 GM fleet units (up 8 percent from 2004), expanded its full-service leasing business further and completed a record number of secured funding transactions generating $4.4 billion in funding.
