DETROIT – GMAC Financial Services, an auto financing company, told Vehicle Remarketing’s Reporter that SmartAuction, an online auction for GM-franchised, non-franchised and independent dealers, has not been and will not be affected by GM’s bankruptcy filing.
GMAC and GM are two distinct companies. According to the company, “GMAC has not filed for bankruptcy nor does it intend to do so. With its recent transition to a bank holding company in Q4 of 2008, GMAC's is in a much better position for long-term success.”
On a daily basis, SmartAuction offers a nationwide audience of dealers the opportunity to purchase GMAC SmartLease and SmartBuy returns, company vehicles, and repossessions. Other available vehicles include GM company vehicles, daily rental returns, and vehicles offered by other large consignors, including well-known rental and leasing companies.
"SmartAuction is owned and operated by GMAC Financial Services and is not part of any General Motors restructuring activities. SmartAuction continues to enjoy fantastic growth opportunities among fleet consignors as well as franchised and independent dealers representing the broad manufacturer spectrum of vehicles sold in the United States," said Mike Stoller, GMAC Global Communications.