GM Chief Executive Sees U.S. Auto Industry Consolidation

General Motors Chief Executive Rick Wagoner said he expected more consolidation in the U.S. auto industry and indicated a merger of GM's former financial arm GMAC was possible.

"I do expect to see further consolidation. I don't know who or where," Wagoner said, speaking at a business lunch in Detroit. He added, "I don't see a mad rush to privatize in the auto sector."

It was the first time that Wagoner has spoken publicly since Monday's announcement of a $7.4 billion-deal by Germany's Daimler to sell Chrysler to private equity firm Cerberus Capital Management.

Cerberus also owns a 51% stake in GMAC, and Wagoner said when asked if a merger between GMAC and Chrysler Financial was one possibility for future cooperation between the two auto finance companies.

"I think it's possible. You could see opportunities for Cerberus-owned Chrysler Financial and Cerberus-owned GMAC to seek out opportunities to work together," he said.

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