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Marac continues drive into car finance - New Zealand Herald

22.05.09

Marac this week announced more deals which continue its move into the space in the vehicle finance market left by the departure of overseas companies GMAC and GE last year.

Yesterday the Pyne Gould Corp-owned finance company said it had struck a deal to back the Automobile Association's vehicle finance operation.

This week it unveiled a partnership with Hyundai over the provision of insurance and a relationship with Suzuki around finance.

"We've always had a strong presence in the franchise end of the motor vehicle sector and we're just formalising a few relationships we've had and, in the case of Suzuki, a new relationship," said Marac general manager of consumer finance Chris Flood.

The departure of other financiers had "clearly created an opportunity" in terms of picking up franchise relationships and some floor plan financing of dealerships' stock of showroom vehicles.

The withdrawal of GE and GMAC was seen as a major blow to the motor industry and helped precipitate an unprecedented wave of consolidation.

Source: New Zealand Herald, New Zealand

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