LOS ANGELES -- American Suzuki Motor Corp. has taken the first step toward creating a private-label finance company.
American Suzuki entered an agreement with Nuvell Financial Services Corp. of Little Rock, Ark., a wholly owned subsidiary of General Motors Acceptance Corp., to provide Suzuki dealers with finance products, including prime and nonprime retail financing for new and used vehicles, finance incentives and longer term auto loans.
American Suzuki President Rick Suzuki says the agreement is part of a plan to triple vehicle sales in the United States to 200,000 by 2007. The company also is launching nine models in five years. He says that of the financial institutions serving dealers, captive finance companies rate highest.