GMAC Forms Aircraft Finance Unit

New to EBACE-and the business aircraft market-is GMAC Business Credit, which plans to enter the aircraft finance arena with its newly-formed Equipment Finances Division.

"Our goal is to become a leading financial resource in multiple facets of equipment finance and leasing," said Jay Craig, president of GMAC Business Credit. "The time is right for a new and strong equipment finance company."

The new division, headquartered in Atlanta, is headed by Lee Palm, who was previously with Transamerica Equipment Financial Services. A new business aircraft group within Business Credit will be run by Joe Dini as senior vice president and division manager. Dini, who is well known for orchestrating the emergence and growth of Finova's corporate aircraft finance group, will be headquartered in Bedford, Mass.

"This group will be truly international in scope and is prepared to fill voids created by recent retreats and mergers within the business aviation finance community," Dini pointed out. He is here at EBACE for the new leasing operation's public debut.

GMAC Business Credit, based in Southfield, Mich., closed out 2000 with 54 completed transactions (over $1 billion in commitments) and increased its loans outstanding by 120%. Loans ranged from under $5 million to over $100 million. It specializes in asset-based lending to middle market companies.

The company is a part of GMAC Financial Services, which is owned in turn by General Motors.