DETROIT — GMAC Financial Services announced this week that it will soon provide consumer financing for recreational vehicles and has been tapped by Thor Industries as the preferred financial provider for its retail customers.

Thor is one of the world's largest manufacturer's of recreational vehicles, according to officials. It produces brands such as Damon, Four Winds, Airstream, Dutchmen, Komfort, Breckenridge, CrossRoads, General Coach and Keystone RV.

GMAC officials said they will begin by offering retail financing through Thor dealers in 14 high-volume states and eventually expand to include all 1,200 dealers that make up Thor's network.

The company plans to begin accepting financing applications from dealers for both new and used RVs in May of this year.

"The RV financing market is a natural extension of our auto business," explained Bill Muir, GMAC president. "We have the infrastructure and servicing capabilities to add the RV business to our portfolio.

"Further, many of GMAC's current and prospective auto customers are interested in using their vehicles to pull towables, so the new relationship with Thor brands makes a lot of sense for both our business and customer base," he continued.

GMAC went on to note that it intends to hire current employees who manage Thor Credit services, including industry veteran Ed Arienti.

"We are pleased to select GMAC as the preferred financing provider for Thor Industries, particularly as we seek to satisfy increased demand for our recreational vehicles with a  positive sales and financing experience," said Peter Orthwein, chairman and chief executive officer of Thor.

"Thor dealers and their customers will benefit from having GMAC as a retail financing option," he added.

According to the companies, the U.S. RV market has been growing since mid 2009 and is expected to reach more than 215,000 units in 2010. Thor currently holds about 27 percent of U.S. RV market share.

"The RV industry represents high-quality business and is currently under-represented by the financial community," Muir noted.

In addition to offering consumer retail financing, GMAC indicated it will also offer remarketing services to RV dealers for used or traded-in recreational vehicles via its SmartAuction site.