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Cerberus CEO Comments on Synergies Between Chrysler Financial

From GMAC | June 15,2007

In his first meeting Chrysler's dealer representatives, Cerberus CEO Steve Feinberg reportedly discussed capitalizing on the combined strengths of Chrysler Financial and GMAC.

According to an article in the Detroit Free Press, Feinberg met with 16 of the 20 members of the dealer council that represents about 3,700 Chrysler Group dealerships around the country.

In the meeting at Cerberus headquarters in New York, Feinberg outlined the private equity firm's commitment to the auto industry and discussed Cerberus's primary challenges with the U.S. automaker, such as poor scores in recent quality studies and, like other domestic automakers, having too many dealerships for its shrinking market share.

He also reportedly discussed how there could be synergy between Chrysler's financial arm and GMAC, the financing arm of GM in which Cerberus owns a 51% stake.

Cerberus agreed last month to buy an 80.1% stake in Chrysler for $7.4 billion.

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