GMAC Financial Services scored its second private-label financing deal in three weeks yesterday with the announcement that it will make retail loans on behalf of Thor Industries.
Last month, GMAC announced that it would provide financing for Saab.
Thor makes RVs, and GMAC will finance new and used RVs for the company, which operates under at least nine brands, including Airstream. GMAC will start financing vehicles in May.
Thor relaunched a captive financing entity, Thor Credit, in November 2008 to help provide financing to credit-starved customers. Thor said Thor Credit will cease new loan activity once the GMAC arrangement kicks in next month. GMAC said it “intends to make offers to hire members of Thor Credit.” A company spokeswoman could not elaborate.
At the end of January 2010, Thor had about $149 million of receivables on its balance sheet, although it is not clear whether those receivables are all from Thor Credit. Thor Industries generated about $430 million of revenue in its most recent quarter ending Jan. 31, which yielded net income of around $12 million. Thor (ticker: THO) has a market capitalization of about $1.6 billion.
[This post was updated at 3:32 p.m. ET on April 6, 2010.]
