GMAC merger completed
By Furniture Today Staff -- Furniture Today, March 16, 2003
Southfield, Mich. — Two sister financial companies, GMAC Business Credit and GMAC Commercial Credit, have been merged into their parent, GMAC Commercial Finance.
The newly organized entity, which provides services to clients including furniture industry companies, has four U.S. divisions: Asset Based Lending, Commercial Services (formerly known as Factoring), Equipment Finance and Structured Finance.
The company also has operations in Canada and the United Kingdom.
Jay Craig, GMAC Commercial Finance president and chief executive officer, said the mergers and name change enable the company to broaden its offerings and be more responsive to the commercial marketplace's evolving financial needs.
"We want to make it very clear that we provide a one-stop shop for complete financing solutions," said Craig.
The company also announced the opening of a Los Angeles office at 444 South Flower St., Suite 4500. Senior management includes Harold Dundish, Jack Nooney, Lou Sulpizio and Tony Bowman.
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