Next month, captive finance firm GM Financial Co. will host a sale of around 200 2010-13 GM vehicles (most of which are Cadillacs) at Manheim, Pennsylvania. This is part of its strategy of offering a mix of used vehicles so that it can change its image of being known as a seller of older, high-mileage vehicles when it was still AmeriCredit Corp., according to Dan Heinrich, the vice president of asset remarketing of GM Financial.
General Motors acquired AmeriCredit in 2010 and so it was renamed GM Financial. Leasing was added to its portfolio. Heinrich said that at auctions, the independent dealer will be typically looking for older vehicles that are usually the specialty of used-only retailers.
He said that the company sees the opportunity to attract franchised dealer particularly GM dealers. Heinrich also said that all franchised and independent dealers are welcome to this special sale.
Last January, GM Financial employed a marketer to handle its remarketing department. It is conducting tests on if programs like vehicle transportation incentives and waiving buyers' fees appeals to franchised dealers and attracts them to its auction lanes in targeted markets.
Heinrich declined to name the dealers or the markets chosen for the pilot programs. However, he said that after 3 to 6 months, he believes that there will be programs that all dealers will have access to. Heinrich won’t say how many off-lease vehicles GM Financial estimates it will be able to manage this year. He said that there will be mostly two-year leases until November. After this, three-year leases in its portfolio will begin to run out, enabling the company to offer a broader combination of GM vehicles to remarket.