©2016 Michigan Economic Development Corporation

DaimlerChrysler Financial Services (debis) Chooses Michigan For New Headquarters

Tuesday, December 21, 1999

John Truscott
(517) 335-6397

New Company's First Major Expansion Nets 1,294 New Jobs for Michigan DaimlerChrysler Financial Services (debis) North America announced today that it has chosen Auburn Hills for the expanded headquarters of their newly consolidated automotive financial services firm, Governor John Engler said. The project will create up to 3,514 new jobs in Michigan, including up to 1,294 directly by the company. "When DaimlerChrysler merged, we made it clear to the new company that we stood ready to help them thrive in Michigan," Engler said. "The consolidation of Chrysler Financial Company with Mercedes?Benz Credit created the need for a larger headquarters. These are great jobs, a great benefit to Michigan, and a great business move for the company." In addition to the 1,294 new jobs created by the company, another 2,220 jobs are expected to be created from the project's economic activity, according to an analysis done by the University of Michigan. Engler also announced the approval of a tax credit for DaimlerChrysler Financial Services worth nearly $40.1 million over nineteen years. The tax credit was approved by the Michigan Economic Growth Authority, or MEGA. This project will provide more than $639 million in revenue to the state over the life of the agreement, resulting in a net positive gain for the state of over $599 million after the MEGA credit. The project is expected to generate nearly $8 billion in personal income. As part of the project, DaimlerChrysler Financial Services will build a 360,000 square-foot facility in Auburn Hills on 24 acres of land. The company will invest approximately $80 million in the project. DaimlerChrysler Financial Services was also considering sites in New York City or Norwalk, Connecticut. The Michigan Economic Growth Authority, which is administered by the Michigan Economic Development Corporation, is used to promote high quality economic growth and job creation in Michigan that would not occur without this program. DaimlerChrysler Financial Services (debis) North America is one of the largest automotive finance companies in North America and is the major source of wholesale financing and retail installment financing for Chrysler and Mercedes?Benz dealers and their customers. DaimlerChrysler Financial Services also provides these services to non?Chrysler and non?Mercedes dealers. DaimlerChrysler Financial Services MEGA Analysis Summary Estimates (All estimates in 1999 dollars) TOTAL JOBS CREATED 3,514 Direct 1,294 Indirect 2,220 NET POSITIVE STATE REVENUE IMPACT $ 599,391,000 Revenue Forgone $ 40,072,000 Revenue Gain $639,463,000 Average Wage $1,240/week