Macquarie Bank, a subsidiary of Australian investment bank Macquarie Group, has acquired a portfolio of retail auto leases and loans from GMAC Australia, the Australian auto finance subsidiary of GMAC.
According to Macquarie Group, the portfolio, comprised of loans and leases for approximately 60,000 cars, has a value of approximately AUD1bn and is being purchased at an undisclosed discount which reflects an appropriate risk adjusted return.
The portfolio will be managed by Macquarie Leasing, a division of Corporate and Asset finance (CAF). The acquisition is expected to consolidate CAF’s position as provider of leases and loans for automobiles in Australia with approximately 260,000 contracts.
Greg Ward, CFO of Macquarie Group, said: “Several motor vehicle financiers, including GMAC, ceased originating retail and wholesale new business in Australia during 2008 and 2009. Macquarie’s purchase of the GMAC Australia portfolio follows our purchase of the AUD1bn Ford Credit Australia portfolio in October 2009. During the past seven months, Macquarie has purchased a total of 120,000 auto leases and loans in Australia valued at around AUD2bn.”