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Automotive Intelligence,
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Ford Frontpage  Ford Automotive Operations   Ford Financial Service Operations 
Ford Management
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Ford Financial Services Operations

The Ford Financial Services Operations comprise
  • Ford Credit
  • Hertz
  • The Associates*

* In April 1998, the Associates were spun-off to Ford shareholders.

Ford Credit

2001 Results

Ford Credit

Ford Credit earned $1.20 billion in 2001 excluding unusual items, down 22 percent from $1.54 billion in 2000. In the fourth quarter, Ford Credit reported a profit of $6 million before charges, compared to $410 million a year ago. The reduction was more than accounted for by a higher provision for credit losses.

 

 

HERTZ

Hertz reported full-year 2001 earnings of $23 million, down from $358 million in 2000. Hertz lost $58 million in the fourth quarter, compared to earnings of $56 million in the fourth quarter of 2000. The decline is attributable to a slowing U.S. economy which affected U.S. travel and car rentals, as well as a more competitive pricing environment for all Hertz business units.


2000 Results

FORD CREDIT

Ford Credit earned $1.54 billion in 2000, up 22 percent from 1999. In the fourth quarter, Ford Credit earned $410 million, an increase of $101 million, primarily because of higher volume and an improved net financing margin, offset partially by higher credit losses associated with the restructuring of North American operations.

HERTZ

Hertz reported full-year 2000 earnings of $358 million, up from $336 million in 1999. It was the ninth consecutive year of improved earnings for Hertz. In the fourth quarter Hertz earned $56 million, down $5 million from the year-earlier period.

Source: Ford Motor Company Annual Report


Financial Services Operations Key Facts

1999 1998 1997 1996
Worldwide Sales (in $ Mill.) 25,585 25,333 30,692 28,968
Net Income (in $ Mill.) 1,516 1,187 2,206 2,791
Workforce in total

60,000*

Ford Credit 15,900*
Hertz 21,500*
The Associates* 22,600*

* approx. headcount  in 1997


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