Exhibit 34.1





Report
of Independent Registered Public Accounting Firm



The Board of Directors of General
Electric Capital:



We
have examined the compliance of General Electric Capital Corporation (the Company) with the servicing criteria set forth in Item
1122(d) of the Securities and Exchange Commission’s Regulation AB for publicly-issued (i.e., transaction level reporting
initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities transactions for which the Company
acted as servicer, involving floorplan receivables, accounts receivable and asset based lending receivables (the Platform), except
for servicing criteria 1122(d)(1)(i), 1122(d)(1)(iii), 1122(d)(2)(vi),
1122(d)(4)(iii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xv),
which the Company has determined are not applicable to the activities it performs with respect to the Platform, as of and for the
twelve months ended December 31, 2011. With respect to servicing criterion 1122(d)(2)(ii), the Company makes such disbursements
to investors but does not make such disbursements on behalf of obligors. With respect to servicing criterion 1122(d)(2)(iii), there
were no activities performed during the twelve months ended December 31, 2011, with respect to the Platform because there were
no occurrences of events that would require the Company to perform such activities. Appendix B to Management’s Assertion
of Compliance identifies the individual asset-backed transactions and securities defined by management as constituting the Platform.
Management is responsible for the Company’s compliance with the servicing criteria. Our responsibility is to express an opinion
on the Company’s compliance based on our examination.



Our examination was conducted in accordance
with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a
test basis, evidence about the Company’s compliance with the servicing criteria specified above and performing such
other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions
and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether
the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria.
Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during
the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior
to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period
covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicing
criteria.



As
described in Appendix A to Management’s Assertion of Compliance, for servicing criteria 1122(d)(2)(i), 1122(d)(2)(vii)(A)-(B)
and 1122(d)(2)(vii)(D), the Company has engaged various vendors to perform
the activities required by these servicing criteria. The Company has determined that none of these vendors is considered a “servicer”
as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the
servicing criteria applicable to each vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual
of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, the
Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’
activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible
for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria as described
in its assertion, and we performed no procedures with respect to the Company’s eligibility to apply Interpretation 17.06.





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Our examination disclosed the following
material noncompliance with servicing criteria 1122(d)(1)(ii) and 1122(d)(2)(vii), as applicable to the Company during the twelve
months ended December 31, 2011:



| | · | With respect to servicing criterion 1122(d)(1)(ii), for
certain material servicing activities that were outsourced to a third party, the appropriate policies and procedures were not
instituted to monitor the third party’s compliance with such servicing activities. The Company has identified a material
deficiency in its policies and procedures to monitor the Vendor’s compliance with servicing criterion 1122(d)(2)(vii)(B)
in that the Company’s agreements with the Vendor do not require the Vendor to prepare account reconciliations within 30
calendar days after the bank statement cutoff date.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | With respect to servicing criterion 1122(d)(2)(vii),
certain account reconciliations were not prepared on a monthly basis for all asset-backed securities related bank accounts, including
custodial accounts and related bank clearing accounts.Certain of these
instances of material noncompliance related to account reconciliations prepared by a vendor. The Company has identified a material
deficiency in its policies and procedures to monitor the vendor’s compliance in that the Company’s agreements with
the vendor do not require the vendor to prepare account reconciliations within 30 calendar days after the bank statement cutoff
date and the Company’s compensating control failed to operate effectively.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In our opinion, except for the material
noncompliance described above, the Company complied, in all material respects, with the aforementioned servicing criteria, including
servicing criteria 1122(d)(2)(i), 1122(d)(2)(vii)(A)-(B) and 1122(d)(2)(vii)(D) for which compliance is determined based on Interpretation
17.06 as described above, as of and for the twelve months ended December 31, 2011.



We do not express an opinion or any form
of assurance on the paragraphs titled Management’s Discussion included in Appendix C of Management’s Assertion of Compliance.



/s/ KPMG LLP



Chicago, Illinois

March 26, 2012





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