One of the world’s biggest car manufacturers, General Motors is spending £2.3bn to acquire the Car Finance company Americredit. The venture is designed to help drivers afford GM’s vehicles.

The deal will see GM have an in-house finance division for the first time since 2006 when it sold off its original set-up to raise funds.

Ed Whitacre, GM’s chief executive, stated that by acquiring a car financing division would be vital to getting a good price for the company’s forthcoming stock market flotation.

It’s good news for the American giant, as recent years haven’t exactly been an enjoyable period for them. Time will tell if GM’s investment will boost profit and enable them to continue selling.