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GMAC provides 85percentt of loans that G.M. dealers use to stock car and truck inventory.
"You will almost never hear Ford dealers have too much truck inventory," he said.
Other charges included $48 million for accounts receivable that Budget cannot collect and a $45 million writedown in the value of the company's truck inventory.
G.M.'s profit in the beginning of the year may be thinner than last year because of the marketing and manufacturing costs associated with selling older truck inventory and introducing the new models.
"Their car inventory is too low, but you don't make any money on cars, and their light truck inventory is too high, and you make money on light trucks," he said.
In addition, they have less urgency in turning over their truck inventory, and can wait for better prices if they aren't favorable at the time.
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Mr. Ammann said G.M. wass closely monitoring its truck inventories to better match supply with demand.
A G.M. executive said the automaker was trying to keep truck inventories low as it continued to focus on introducing new cars like the Chevrolet Spark.
Ford Motor Co. noted in a conference call this month that truck inventories amounted to 70 days, up from 66 a year earlier, though Mark LaNeve, vice president for U.S. marketing, said that's not a serious imbalance.
In comparison, Honda's car and truck inventories are at 43 and 61, respectively.
While the slide show that follows compares America's two best-selling vehicles, GM's Chevrolet Silverado and Ford's F-Series pickups, consider what Merrill Lynch had to say about the third best-selling vehicle, DaimlerChrysler 's Dodge Ram, in a report released on Friday: "Light truck inventories [at Chrysler] continue to be troubling particularly those of the Dodge Ram.
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