DaimlerChrysler Services Celebrates Chrysler Financial's Big '40'

FARMINGTON HILLS, Mich., July 23 -- Chrysler Financial, a business unit of DaimlerChrysler Services North America celebrates its 40th anniversary today. As the Chrysler, Jeep(R) and Dodge dealers preferred finance choice, DaimlerChrysler Services will continue to develop innovative finance and insurance solutions that will drive dealer performance for decades to come. With a portfolio of more than $50 billion, Chrysler Financial provides wholesale vehicle financing and lines of credit to more than 4,000 dealers in the United States.

"We're a key ingredient of a dealer's operations and look to the future of our business to continually provide our dealers with flexible, best-in-class service and product solutions," said Juergen Walker, President and CEO - DaimlerChrysler Services North America. "This celebration is a testament to our dealers that we are focused on building loyal, long-term successful partnerships."

"Chrysler Financial thanks Chrysler, Jeep and Dodge dealers for their support of the finance company during the last 40 years and we know that we only succeed by making them successful," said Klaus Entenmann, Vice President - Chrysler Financial.

Small beginnings in 1964 produced a portfolio of $25 million followed by seven years of rapid growth. As the first President of Chrysler Credit Corporation, Gordon Areen said, "Our principal motive was to provide much needed services to our dealers." That thought process has not changed, in 2004 the company is one of the leading financial services providers worldwide with a portfolio of $85 billion in North America.

Combining the strength of its business units, Chrysler Financial, Mercedes-Benz Credit and DaimlerChrysler Services Truck Finance, and with more than 5,500 professionals, DaimlerChrysler Services is a company with the right people, programs and experience to deliver the products and services to meet and exceed customer expectations.

"Today the integrity and service-driven attitude of our employees make up our rich heritage and continues to allow us to respond to our customers' needs and meet the challenges of an ever-changing automotive finance market. Together with the Chrysler Group colleagues we are focused on continuing to deliver the highest levels of service to our customers," said Entenmann.

  Time Line

  1964: Chrysler Credit Corporation and Car City Insurance are founded

  1965: Car City Insurance issues the first policy on a Chrysler 300

  1966: Chrysler Credit Canada Ltd. is founded

  1967: Chrysler Credit is renamed Chrysler Financial Corporation

  1968: Chrysler Financial Corporation's net earnings jump from $2.9 to $9.2
        million

  1972: Car City Insurance is renamed Chrysler Insurance

  1974: Chrysler Financial began operations in Mexico

  1998: Chrysler and Daimler-Benz merge to form DaimlerChrysler Corporation

  1999: Chrysler Financial Corporation and Mercedes-Benz Credit Corporation
        merge operations later to be renamed DaimlerChrysler Services

  2000: Chrysler Credit Canada and Mercedes-Benz Credit Canada merged to
        form DaimlerChrysler Services

  2001: Chrysler Insurance is renamed DaimlerChrysler Insurance Company

  2004: Chrysler Financial celebrates 40 Years of Finance