GM Financial Acquires Canadian Leasing Company
FORT WORTH, Texas — General Motors Financial announced this morning that it has agreed to acquire FinanciaLinx Corp., one of the largest independent leasing companies in Canada.
Via this deal, GM Financial plans to re-enter the country with lease offerings. While this deal appears designed to support GM Financial's mission of serving GM and its dealers, the company also stressed that FinanciaLinx will continue its relationships with independent dealers as well.
"We are excited about the opportunity to leverage FinanciaLinx's expertise in the Canadian lease market to increase financing options for GM dealers over time while maintaining FinanciaLinx's relationships with non-GM dealers," pointed out Dan Berce, GM Financial president and chief executive officer.
The transaction is slated to close April 1, and once this occurs, FinanciaLinx will become a subsidiary of GM Financial. The Canadian leasing company will report to Howard Cobham, GM Financial senior vice president of dealer services Canada.
"We are very pleased to join the GM Financial team and to serve as the cornerstone of their Canadian growth strategy," said Mike Jan, FinanciaLinx's chief executive officer. "We are look forward to working with GM Financial to expand the product offerings available to GM dealers while continuing to provide leasing options to our current dealer base throughout Canada.
"Our new relationship with GM Financial provides tremendous opportunities for our employees as we expand and help more customers finance new-vehicle purchases," he added.
FinanciaLinx was founded in 1999 and is based in Toronto.
In a bit of related news, FinanciaLinx just recently announced the top auctions in the country. ADESA Calgary and Manheim Toronto were selected to receive the company's 2010 Auction Achievement Awards.
To determine the winners, FinanciaLinx said its reviewed overall market performance, administration of the account and overall working relationship, as well as communication. Benchmarking figures reviewed include days to pick up, accuracy of condition report, flexibility in adapting to "FLinx" guidelines and overall sales performance.
"In presenting these awards to ADESA Calgary and Manheim Toronto, we would like to recognize their outstanding service, dedication and commitment in support of FinanciaLinx's remarketing efforts," said Arnold Lee, vice president of remarketing for FinanciaLinx.