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DaimlerChrysler Financial Services to Build New NAFTA Headquarters

22 December 1999

DaimlerChrysler Financial Services (debis) to Build New $80 Million NAFTA Automotive Headquarters in Auburn Hills

    SOUTHFIELD, Mich., Dec. 21 --  DaimlerChrysler Financial
Services (debis) today announced that it will build a new $80 million
automotive headquarters building on 24 acres near DaimlerChrysler's North
American headquarters in Auburn Hills.  The 360,000-square-foot complex,
planned for a site at I-75 and University Drive, is expected to be complete in
2002 and house up to 1,500 employees.
    The new facility will replace the company's current NAFTA headquarters in
the American Center Building in Southfield.  The larger complex will allow
DaimlerChrysler Financial Services to hire additional employees and to
consolidate some of its financial operations in Michigan and around the U.S.
    "DaimlerChrysler Financial Services (debis) is one of the largest
automotive finance companies in North America," said Darrell Davis, President
and CEO.  "The consolidation of the operations of Chrysler Financial Company
and Mercedes-Benz Credit this year into this new company created the need for
a central facility that will serve as the headquarters.  It made the most
sense to locate a new complex near DaimlerChrysler's North American
headquarters, where the company has an established North American base."
    About 800 employees will be moving from the company's current headquarters
in Southfield when the new facility is complete.  Chrysler Financial, now part
of DaimlerChrysler Financial Services, has occupied the American Center
Building in Southfield since 1989.
    DaimlerChrysler Financial Services was awarded a state tax credit valued
at $40.1 million over the next 19 years by the Michigan Economic Growth
Authority, or MEGA, for the headquarters project.  Doug Rothwell, president
and chief executive officer of the Michigan Economic Development Corporation,
announced the credit today at a press conference at DaimlerChrysler
headquarters in Auburn Hills in conjunction with the new headquarters
announcement.
    Rothwell said the financial headquarters project is expected to create
more than 3,514 jobs -- including spin-off employment -- and generate more
than $639 million in state revenue.  "These are great jobs and a world-class
project, and we couldn't be more pleased that DaimlerChrysler Financial
Services has chosen Michigan as its home," Rothwell said.
    Frank Fountain, DaimlerChrysler Senior Vice President, Government Affairs,
praised Southfield, Auburn Hills and Oakland County officials for making the
project possible.  "Southfield graciously acknowledged that DaimlerChrysler
Financial Services has outgrown its present location as a result of the
merger," Fountain said, "and in keeping with the cooperative relationship we
have enjoyed with Southfield, the city removed roadblocks for the tax credit,
thereby making this project economically feasible.
    "At the same time, Auburn Hills and Oakland County played significant
roles by committing to key infrastructure improvements.  All of the civic
partners involved in this project, in fact, have served as models of how city
and county officials can work in concert for the economic good of the entire
region," Fountain said.
    DaimlerChrysler Financial Services (debis) North America provides
financing for automotive dealer inventories and retail consumers.  It is a
division of DaimlerChrysler Services (debis) AG, the financial services
company owned by DaimlerChrysler AG.  DaimlerChrysler Financial Services has
over 4,200 employees in North America and Mexico.