Word: chrysler
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Dates: during 1980-1989
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...giants all have financial subsidiaries that have become huge companies in their own right. With $75.4 billion in assets, General Motors Acceptance Corp. ranks among the largest U.S. financial institutions. In the past two years the assets of Ford Motor Credit Co. have grown 64%, to $31.3 billion, and Chrysler Financial Corp.'s assets have more than tripled, to $15.9 billion. Proclaimed Chrysler Chairman Lee Iacocca at last week's annual shareholders meeting: "We are no longer just a car company. We are a major financial institution...
...growth has come largely through acquisitions. Last year, for example, GM bought Norwest Mortgage of Minneapolis and Philadelphia's Colonial Mortgage group for $335 million. That made GMAC the nation's second-largest mortgage lender, with $22 billion in commercial and home loans on its books. Also in 1985, Chrysler acquired E.F. Hutton's commercial lending subsidiary for $125 million, and Ford paid $493 million for San Francisco-based First Nationwide Financial Corp., the holding company for the eighth-largest savings and loan...
...which reaped $1 billion, or some 25%, of GM's $4 billion net earnings in 1985, is expected to account for fully one- third of this year's profits. At Ford, the credit arm pitched in 17.5% of earnings in 1985, and is projected to reach 26% this year. Chrysler Financial is expected to contribute 17% in 1986, up from...
...last week when Needham announced that some of its executives were buying the company's Los Angeles office and forming a new agency of their own, taking along Honda and other clients. Automotive clients still represented by parts of the new holding company are Volkswagen and Audi (DDB) and Chrysler-Dodge (BBDO...
While the others were pulling out, in fact, the owner fished a fresh chaw of Red Man from his pocket, got in the big new Chrysler with the tobacco juice cup affixed to the dash, and drove over to Mount Olivet Cemetery. Down at the end of a drive lined with red-tipped photinias, in a section called Showmen's Rest, he pointed out his brother's grave, his father's grave and the spot where he and his wife Isla Marie would spend eternity. All around were tombstones in the shape of tents, or wagon wheels, or ticket booths...