Expansion Plan

May 7, 2002

GMAC Real Estate Commits $100 Million To Acquisitions, New Offices

Inman News Features

Oak Brook, Ill.-headquartered GMAC Real Estate announced today it has made an initial commitment of $100 million to help its franchisees grow their businesses and increase the company?s presence in the industry.

GMAC Home Services CEO John Bearden said the money will be used to help real estate franchisees and company-owned operations increase market share by acquiring other companies and opening new offices.

"GM is proactively making a significant financial commitment that is an unqualified endorsement of what GMAC Home Services has already accomplished. It is also evidence of the commitment and confidence our parent company has in the long-term potential of these businesses," said Bearden, who joined GMAC Home Services late last year after stints as CEO of eCommission and Coldwell Banker Canada.

GMAC Real Estate has 1,300 company-owned and franchised real estate offices and 20,000 real salespeople, and Bearden intends to increase those numbers.

"For potential new franchisees, our message is straightforward and compelling: If you'd like to increase your market share by working with a quality business partner that is people oriented, we want to hear from you," he said.

The company last month launched a national television, radio and billboard advertising campaign intended to generate more business for GMAC Real Estate franchisees.

GMAC Home Services is the parent company of GMAC Real Estate, GMAC Global Relocation Services and GHS Mortgage.

Copyright: Inman News Service

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