History
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 expanded through the years to include insurance, mortgages, online banking and commercial finance.
GMAC Historical Highlights
Branches open in Detroit, New York, Chicago, San Francisco and Toronto.
1920:GMAC expands automotive finance business to Great Britain.
1939:Motors Insurance Corporation (MIC) forms.
1958:GMAC finances 40 millionth vehicle.
1977:GMAC finances 75 millionth vehicle.
1985:GMAC finances 100 millionth vehicle.
First-ever annual earnings of $1 billion.
GMAC Mortgage founded.
1999:Purchase of Bank of New York's asset-based lending and factoring business unit creates GMAC Commercial Finance Group.
DiTech Funding Corporation (now known as Ditech, LLC) established.
2000:The automotive finance business launches SmartAuction, an Internet-based remarketing channel for GMAC off-lease vehicles.
GMAC Bank forms.
2001:GMAC celebrates more than $1 trillion of financing for 150 million cars and trucks around the world.
The mortgage business forms the International Business Group (IBG), expanding operations to Europe and Latin America.
2002:GMAC Residential Funding of Canada Ltd., launched.
2004:GMAC's SmartAuction, the nation's leading wholesale used vehicle auction Web site, records one millionth sale.
GMAC-SAIC Automotive Finance Company, China's first automotive finance company opens for business.
2005:GMAC announces the official launch and initial funding of a new parent holding company for its mortgage business, Residential Capital, LLC (ResCap), a global real estate finance business.
Semperian becomes GMAC subsidiary.
2006:GM reaches agreement to sell controlling stake in GMAC to Cerberus. GM held 49 percent stake, while Cerberus held 51 percent. GMAC Financial Services begins new era as an independent global financial services company.
2007:GMAC SmartAuction nets two million online sales.
2008:GMAC approved as a bank holding company under the Bank Holding Company Act.
GMAC receives $5 billion investment from U.S. Department of the Treasury as part of the Troubled Asset Relief Program (TARP).
GMAC completes largest corporate bond exchange to date.
2009:GMAC enters into an agreement with Chrysler LLC to provide automotive finance service and products to Chrysler dealers and customers.
GMAC Bank is renamed Ally Bank.
U.S. Department of the Treasury makes additional $7.5 billion capital investment in GMAC.
GMAC's ownership is restructured as GM and Cerberus significantly reduce holdings in the company.
