GM to buy auto lender in bid to stoke sales
Top US automaker General Motors said Thursday it would acquire automobile finance firm AmeriCredit for about 3.5 billion US dollars, as it tries to open credit to hard-up consumers.
GM said the acquisition could help boost sales and provide a captive financing arm as the firm emerges from a government-financed bankruptcy.
It "supports our efforts to design, build and sell the world's best vehicles by expanding the financing options we can offer to consumers who want to buy GM vehicles," GM chairman and chief executive officer Ed Whitacre said in a statement.
AmeriCredit, with 3,000 employees in the United States and Canada and 800,000 customers, has about nine billion US dollars in business transactions
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