GE Capital Retail Bank and Penske Automotive Group Launch Consumer Financing Program

Fri Feb 8, 2013 9:30am EST

* Reuters is not responsible for the content in this press release.

CarCareONESM Credit Card to be Accepted at Locations Nationwide
STAMFORD, Conn. & BLOOMFIELD HILLS, Mich.--(Business Wire)--
GE Capital Retail Bank and Penske Automotive Group (NYSE: PAG), an international
automotive retailer, today announced an agreement to provide a private label
consumer credit card program to customers of Penske Automotive Group dealerships
in the U.S. GE Capital Retail Bank provides financial solutions to retailers to
help grow their customer sales and will service the account and manage the
credit card program. 

"We are pleased to offer the CarCareONE credit card program, providing a
convenient payment option to our customers for planned and unexpected automotive
maintenance and repair services," said Rob Kurnick, president of Penske
Automotive Group. "GE Capital brings a strong understanding of our industry and
deep expertise to our U.S. dealers to assist us in growing customer loyalty in
this important, recurring part of our business." 

Qualifying Penske CarCareONE cardholders* can take advantage of promotional
financing offers such as six-month deferred interest financing on purchases of
$299 or more and 12-month deferred interest financing on purchases of $750 or
more. The credit card can be used for full-service vehicle maintenance and
repair services and replacement costs at Penske Automotive Group dealerships
locations in the U.S. and Puerto Rico. Qualifying cardholders can also enjoy a
range of benefits, including exclusive savings and e-bill and online account
management options. Applications can be completed in-store or online. 

"We look forward to working with Penske Automotive to help build its business
and serve the needs of its service customers," said Orlando Zayas, vice
president of sales, Automotive After-Market Group, for GE Capital`s Retail
Finance business. "This new relationship underscores GE Capital`s commitment to
this important auto dealership market where we have provided consumer financing
options for more than three decades." 

For more than 80 years, GE Capital has helped major retailers and more than
200,000 small- and mid-sized businesses throughout the United States build their
businesses through consumer financing programs that support merchant growth and
customer satisfaction. GE Capital has been a leading provider of consumer credit
in the Automotive After-market industry for more than 30 years. The company
supports its clients with proprietary online technology such as Business Center,
which includes service, marketing and sales tools, as well as Learning Center,
providing businesses with access to comprehensive training for their teams on
financing for consumers. 

*Subject to credit approval and availability. 

Note to Editors: Visit GE Capital at the NADA Show, Booth # A183 

About Penske Automotive

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 344 retail automotive franchises, representing 40 different brands and
30 collision repair centers. Penske Automotive, which sells new and previously
owned vehicles, finance and insurance products and replacement parts, and offers
maintenance and repair services on all brands it represents, has 173 franchises
in 18 states and Puerto Rico and 171 franchises located outside the United
States, primarily in the United Kingdom. Penske Automotive is a member of the
FORTUNE 500 and Russell 2000 and has approximately 16,700 employees. 

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About GE Capital's Retail Finance business

GE Capital`s Retail Finance business is among the country`s most successful
retail lenders, with more than 80 years of experience in consumer financing. The
business, with its lending entity GE Capital Retail Bank, provides customized
credit programs to retailers and consumers in the United States and Canada that
help drive sales. This includes private label and bankcard credit programs to
major national, regional and independent retailers in the U.S., as well as
private label credit programs, promotional and installment lending, bankcards
and financial services for consumers through dealers; contractors;
manufacturers; healthcare practices; and service providers across nearly 20
industries. We are not just bankers; we help clients build better businesses.
More information can be found at and 

GE Capital is one of the world`s largest providers of credit. For over one
million businesses, large and small, GE Capital provides financing to purchase,
lease and distribute equipment, as well as capital for real estate and corporate
acquisitions, refinancings and restructurings. For our 100+ million consumer
customers, GE Capital offers credit cards, sales finance programs, home, car and
personal loans and credit insurance. For more information, visit or follow company news via Twitter @GECapital. 

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at 

©2013 General Electric Company, All rights reserved.

GE Capital
Cristy Williams, 678-518-2596
Penske Automotive Group
Anthony R. Pordon, 248-648-2540

Copyright Business Wire 2013

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