GMAC might relocate HQ to Charlotte

[SmellyCat]

I believe this past rumor at this stage.

My wife had a patient that came in this week that was just hired by GMAC after being let go by Wachovia. She told my wife that the job was going to be based in Charlotte and that they were still trying to nail down a location (Ballantyne vs Uptown).

[monsoon]

......

And I know that Detroit is still the auto capital of the U.S., but let's not forget BMW in Upstate SC, Nissan in Nashville, VW coming to Chattanooga, Kia coming to Georgia, Mercedes and Hyundai in Alabama, etc. The Southeast is becoming the new mecca for automobile production, so I don't think it's too big of a stretch for GMAC to want to be headquartered in the Southeast, in a city with lots of people that possess related skill sets at that.

[nashbill]

Nissan's North American HQ is in Franklin, TN just south of Nashville. They relocated here from CA a few years ago.

[queensguy06]

I would think that if GMAC is expanding their retail banking it is not implausible that they would move HQ to Charlotte and still leave a large enough presence in Detroit. Let's face it, Detroit and even the greater area of Michigan itself is not a place companies are looking to build new business. Over the past decade companies and families alike have been high-tailing it out of Detroit, and not for other places in Michigan. From Comerica to Brunswick to Pfizer to the Coca-Cola bottling plant in Flint. When your unemployment rate is at 10.6%, your crime rate is the highest in the nation of cities over 500,000 people (and second only to New Orleans for the entire U.S.), and the outward perception of the city is of a city that is dirty, dangerous, and cold, you really can't count on companies and employees to either stick around or expand their business into new sectors. Let's not forget that their pro-football team is the Lions, either (my attempt at humor).

I don't think people realize how bad it has really gotten in Michigan over the past decade or so. It has become a pretty dire situation for many, many people that live in the state.

[ScottCLT]

I don't think people realize how bad it has really gotten in Michigan over the past decade or so. It has become a pretty dire situation for many, many people that live in the state.

[RiverwoodCLT]

I know 2 people from the Detroit area and they are glad to be here. That area is in big trouble from what they say,

[HopHead]

I know 2 people from the Detroit area and they are glad to be here. That area is in big trouble from what they say,

[BobbyDav]

I feel like most companies have a limited time in detroit. These are'nt football teams they can't post record losses in a delapitated town and expect to pick up new busyness. Even companies deeply invested in detroit that may be in trouble right now are probably looking for a clean break but have limited resources. They need somewhere cheap to move to, that has growth potential, and where new employees won't refuse to go. Charlotte sounds pretty perfect. So if they move I'm saying the queen city is probably the place.

Besides from our perspective as a city we need more political prowess within the state so that we can get funding for infrastructure projects that are long overdue. Political prowess comes in two forms, through money and votes. If GMAC offers even modest amounts of both of those things, it could be making a big step closer to rounding out the everyday necessities the city has done without. Picking up busynesses from dieing towns with promises of cheap houseing, office space, and easy acess to fresh graduates could be our bread and butter until the city finds (hopefully) a new venue for growth. Also lets face it, as the dynamics of the state change over the next few years and the cities inevitably gain more power we may wind up in political limbo. This is a great chance for new companies to be in on the ground floor with new political elites so that they may push through the good, the bad, and the ugly little laws that provide stability and/or growth potential. Its a time tried tradition; from the plantations, to the tobbacco barons, to the mill owners, and lastly the banks, busynesses always preffered familial relations with the government.

[monsoon]

.. Even companies deeply invested in detroit that may be in trouble right now are probably looking for a clean break but have limited resources. They need somewhere cheap to move to, that has growth potential, and where new employees won't refuse to go. Charlotte sounds pretty perfect. So if they move I'm saying the queen city is probably the place. ...

[HopHead]

To add to more speculation, GMAC just announced that they posted a profit of $7.5 Billion in the 4th Quarter. This was due to their debt exchange of over $11 billion. For those that may not know, this is the same debt exchange they neeed to qualify for a bank holding company and TARP. I'm not sure that this really does any to bolster their odds on a move to Charlotte, but it certainly puts them in a better position for a move since they aren't bleeding money at the moment.

[krazeeboi]

But these are just manufacturing plants that make 1 or 2 models that these companies sell here. Look at where the North American corporate HQ's for each of these companies are located. They are all in the NE or California. Most of the big ones also maintain offices in Detroit for the specific reason to have access to all the industries related to the automobile industry.No argument there, Detroit has had a discussion forum on UP for as long as Charlotte. But it is also a metro area that is far larger than Charlotte so I would say also offers a lot more.

[monsoon]

True about Nissan, I had forgotten about them. I knew about VW, because it was believed that Charlotte might be a contender and it was discussed here as almost a certainty for a while. Reminds me of this discussion.

[krazeeboi]

Yeah, that would have been a really nice coup for Charlotte, but I can't say that I blame them for picking NoVA.

[AuLukey]

Well I don't know if GMAC has a small office in or near uptown, but they now have job listings on Careerbuilder.com with location identified as 28201. So I'm not sure if this is an indication of things to come or not. Strangely enough, their map marker just happens to be pointing to the 300 S. Tryon lot...

Here is one job description that came up:

Analytics and Modeling Manager

Partner with Brand, Marketing, Product Development and eCommerce to fulfill all analytical, modeling, marketing campaign execution, and reporting needs of the Line of Business (GMAC Bank and Remarketing).

[atlrvr]

That posting would be for their eCommerce division which was already based in Charlotte and which they have been growing. I think they are located in Toringdon business park at Johnston Rd. and I-485.

They may eventually consolidate a lot of people at some point, because I believe they have different divisions spread all over the city (B-Tine, SouthPark, and Univ. City)

[gamecocksfan]

If they relocate to their HQ to Charlotte, Maybe they could consolidate all these departments and buy the Park. If somebody doesn

[monsoon]

The Park is built to residential specs. It would not be suitable for office space.

[Niner National]

not only that, but it would be expensive to buy, finish, and furnish. I doubt they'd be willing to invest that kind of money when there is plenty of office space available around the city.

A friend of mine works for the career center at UNC Charlotte and said she was told that an unnamed company would be bringing 700 new jobs to Charlotte in the future. Only adds to the speculation that GMAC or Morgan Stanley may be moving some of their business this way. Of course it could be something else, or nothing more than a rumor, but just though I'd throw it out there.

[BlueDevil37]

Has anyone heard any more chatter/updates on either GMAC or Morgan Stanley moving their HQs? Very interested in this given what's going on at BAC/WB/WFC currently.

[HopHead]

I don't like to just add links to posts, but since we all seem to sometimes question the accurancy of the local media, there are numerous reports from other cities that indicate GMAC is in fact looking to move to Charlotte. One such is the Detroit News: http://detnews.com/apps/pbcs.dll/article?A...0/BIZ/902200380. I think the Chicago Tribune even had an article from the AP... So, looks like these aren't just Charlotte rumors anymore...

[jednc]

I don't like to just add links to posts, but since we all seem to sometimes question the accurancy of the local media, there are numerous reports from other cities that indicate GMAC is in fact looking to move to Charlotte. One such is the Detroit News: http://detnews.com/apps/pbcs.dll/article?A...0/BIZ/902200380. I think the Chicago Tribune even had an article from the AP... So, looks like these aren't just Charlotte rumors anymore...

[monsoon]

There really seem to only be a few who question the Charlotte media (one comes to mind particularly). They seem to think it somehow elevates them to trash talk the Observer. You can't trust everything you read, but the Observer is no better/worse than any other major local newspaper.

With that said, it's nice to see this story getting play in other places as well. It doesn't make it any more real/true to me...just nice to see more info on the topic. Thanks for posting.

[uptownliving]

I don't like to just add links to posts, but since we all seem to sometimes question the accurancy of the local media, there are numerous reports from other cities that indicate GMAC is in fact looking to move to Charlotte. One such is the Detroit News: http://detnews.com/apps/pbcs.dll/article?A...0/BIZ/902200380. I think the Chicago Tribune even had an article from the AP... So, looks like these aren't just Charlotte rumors anymore...

[monsoon]

Well....... The director of communications for GMAC has come out and made a statement on this subject in regards to "unsubstantiated rumors" in the Charlotte Press. ......

Beth Coggins, a communications representative for GMAC, said that while the firm is interested in growing its presence in Charlotte, there are no plans to move the headquarters.

[uptownliving]

Sounds like typical corporate speak to me....notice they did not say "Detroit will remain our HQ"...instead they say "we have no plans to change that"...of course they can say that because they have a third party doing all the location work for them.

This always happens with relocations like this when they become public....the companies have to poo poo the reports until all the details of the move are finalized.