During GMAC Financial Services' first-quarter earnings call, executives highlighted healthy increases in the company's share of the U.S. retail finance and lease business for both General Motors and Chrysler.
What they didn't mention were the slight dips in wholesale finance penetration of GM's and Chrysler's inventories from the fourth quarter of 2009 to the first quarter of 2010.
Sure, the declines -- GM, 3 percent; Chrysler, 1 percent -- were small. But the drops could become more pronounced as the economy improves.
Dealers tell me GMAC is now competitive in the retail arena but lags in wholesale financing. As the industry rebounds, more lenders will court dealers' floorplan business.
Then GMAC will need to tend to the wholesale business to avoid defections.