PORSCHE ESTABLISHES U.S. FINANCE COMPANY
PORSCHE ESTABLISHES U.S. FINANCE COMPANY RENO, Nev., Jan. 6 /PRNewswire/ -- Porsche Cars North America, Inc.
today announced the establishment of Porsche Credit Corporation.
The firm, which will commence operations in early 1992, will provide automobile leasing and retail financing through authorized U.S. Porsche dealerships. The credit company will be a subsidiary of Porsche AG and an affiliate of Porsche Cars North America, the official importer of Porsche vehicles and parts for the United States. Porsche Credit Corporation's portfolio will be funded by the Deutsche Credit Corporation of Deerfield, Ill., a subsidiary of Deutsche Bank, AG. The portfolio will be serviced by Chrysler Credit Corporation of Southfield, Mich., and its U.S. field organization. Chrysler Credit is the automotive subsidiary of Chrysler Financial Corporation, currently operating more than 90 branch offices in 44 states and the District of Columbia. Porsche has appointed Frederick J. Schwab, senior executive vice president of Porsche Cars North America, to the additional position of president, Porsche Credit Corporation. Ross Dupper of Porsche Cars North America has been appointed vice president, finance, of the new company, while Robert E. Dwyer has been named vice president, operations, Porsche Credit Corporation. Dwyer comes to his new position with experience in the start-up of Mercedes-Benz Credit Corporation and in the start-up and development of Sears Financial Corporation's indirect lending entity where he most recently held the position of vice president, field operations. In making the announcement today, Schwab said, "Porsche Credit Corporation will provide Porsche dealers with strong marketing support enabling them to offer Porsche customers flexible and innovative retail financing and leasing plans. Along with our partners at Deutsche Credit Corporation and Chrysler Credit Corporation, our goal will be 100 percent service excellence to both our dealers and our customers." -0- 1/6/92 /CONTACT: Ed Triolo of Porsche Cars North America, 702-348-3230/ CO: Porsche Cars North America, Inc. ST: Nevada IN: AUT SU: PDT
CK -- NY008 -- 6747 01/06/92 09:00 EST
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|Date:||Jan 6, 1992|
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