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.