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GMAC might relocate HQ to Charlotte

atlrvr

By atlrvr
in Charlotte

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atlrvr Metropolitan Area

atlrvr

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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.
"Our headquarters is Detroit, and we have no plans to change that,"

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monsoon Gigalopolis

monsoon

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I don't know. You tell me. If they are actively making plans to move to Charlotte, but at the same time they post on their corporate website as an official press release "GMAC has headquartered its business in Detroit and has no current plans to change that status." would not the SEC and a few others be a bit bothered by that? Seems to me that BofA is in hot water over this sort of thing now in regards to ML and its stockholders. Why would GMAC, another recipient of TARP funds want to play around with this kind of fire. What possible need would it serve to deny it, if they were planning it?

I am asking because I don't know.

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New Name Burg

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Hah, sounds like the Baltimore Colts football team. The owner did a newspaper interview one Saturday morning to quell the rumors of them moving away...and moved the whole operation to Indianapolis under the cover of night. They loaded every asset into a a couple tractor trailer trucks and drove away in the darkness. Just as I am sure he didn't want to get lynched in the streets of Charm City, GMAC surely wouldn't want the same fate in Motown.

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Charlotte_native City

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We all know that big corporate announcements need to be taken with a grain of salt both ways. I have no clue as to whether this group will move to Charlotte, but keeping information in confidence is part of so many elements of big and corporate business. These guys contantly make carefully crafted statements about moves, mergers, corporate health, etc, knowing full well that something different might be what actually happens or is in the works. You can really screw up your plans by letting everyone know too soon.

The point of the Lowe's reference wasn't to pick it apart, but to show that often these statements don't point to reality. GMAC may have no plans to move or shift, or they might -- but be assured it won't be announced one way or another until they are ready to make the move -- until then it is just speculation on both sides.

It's funny, but for some events, businesses, and stories we choose to never believe the media or never believe the corporate spokes folks, but for others we'll take their word as gold.

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krazeeboi Gigalopolis

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Back to GMAC. I thought the article that ran in the Detroit News based on the statement on the corporate website was interesting. Atlrvr partially quoted from it; here's another relevant excerpt:

GMAC Financial Services, whose Motor City roots date back 90 years, is considering changing its headquarters from Detroit to Charlotte, N.C., but would keep its auto financing arm here.

One reason for considering the shift: Charlotte is the home of GMAC CEO Alvaro de Molina, who joined GMAC in 2007 after a 17-year career at Charlotte-based Bank of America.

"Our CEO lives in Charlotte and operates out of that city. Whether we decide it becomes our legal headquarters, I don't know," said Toni Simonetti, GMAC spokeswoman. "But we are going to have a strong presence in Detroit. Detroit is the center of our auto business and that is not going to change."

No timeline has been set when the decision would be made, she said, but, the regional financial center is actively wooing the firm.

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monsoon Gigalopolis

monsoon

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The BB&T building downtown was actually constructed and known for years as the Southern National Bank building, where that bank was once located. BB&T, I believe, took that bank over and hence changed the name of the building. I am pretty such the vast majority of that building is rental space as the bank only occupies a couple of floors. (anyone else know different) Bellsouth may still rent significant portions of that building.

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atlrvr Metropolitan Area

atlrvr

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They have their Wealth Management division based in Charlotte, as well as a very small part of their investment bank and Charlotte area operations. They also have wholly owned Grandbridge Real Estate Capital based in Charlotte which is their national commercial real estate lending platform, though their offices are in the Carillon building.

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monsoon Gigalopolis

monsoon

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It's an interesting story. It should be noted because it was posted above, the bizjournals said this past week that Atlanta was working with GMAC for something like this which would involve 250,000 sq/ft space. There was mention of competing against Charlotte.

My guess is if the Observer is brave enough to break a story on the Governor, then they must have something concrete. Otherwise they are going to have a lot of egg on their face. In any case if they do move a few hundred jobs here it will be good for the the local economy. There have been literally 1000s laid off in the metro since the first of the year.

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