GMAC Forms New Unit, Buys Franchise Network

General Motors Acceptance Corp., Des Moines, Iowa, has entered the real estate services market by establishing a new unit, which is acquiring the assets of a real estate franchise network, GMAC has announced.The new unit, GMAC Home Services, will be headed by Dick Schlott, formerly president of ERA Real Estate. GMAC Home Services, Horsham, Pa., will acquire from Meredith Corp. the operating assets of Better Homes and Gardens Real Estate Service, a national franchisor of real estate offices with a network of 800 firms and 1,500 offices. The terms of the acquisition were not disclosed. Under the agreement announced Monday, GMAC Home Services will license the Better Homes and Gardens brand name. GMAC Home Services chairman Michael O'Brien -- who is also president of GMAC Mortgage Corp., also based in Horsham -- said the purchase of the network would better position the new GMAC unit to carry out a long-term strategy of offering customers "a more complete array of products and services." GMAC's website addresses are http://www.gmacfs.com and http://www.gmacmortgage.com.