Announces Growth in Retail Credit Business of 125 percent
SHANGHAI, China, Sept. 13 /Xinhua-PRNewswire/ -- GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC), which is celebrating the third anniversary of its founding, announced today that its retail credit business grew 125 percent on an annual basis through August 2007, and the operation has surpassed US $1.3 billion of assets (RMB 10 billion).
"Since we entered the market as a pioneer in August 2004, GMAC-SAIC's automotive retail credit and wholesale credit businesses have experienced tremendous growth, and China remains a key growth market," said GMAC-SAIC General Manager Rick Livingood.
Zhang Xiaojun, deputy general manager of GMAC-SAIC, also adds, "GMAC-SAIC is by far the number one automotive finance institution in China."
Between January and August, GMAC-SAIC's retail credit business grew at a rate of more than 100 percent each month compared to the respective month in the previous year. Through the end of August, GMAC-SAIC had signed over 79,000 retail loan contracts, with applications for automotive retail credit loans accepted by GMAC-SAIC increasing on a monthly basis. GMAC- SAIC has over 350 employees.
GMAC-SAIC has one of the most extensive business networks in China. As of the end of August, its retail coverage had risen to more than 502 dealers in more than 132 cities across China. GMAC-SAIC primarily provides its customers credit loan services for Shanghai GM's Buick, Cadillac, Chevrolet, Saab and SAIC's Roewe brands.
The joint venture was providing wholesale credit service to more than 440 car dealers in China through the end of August, up from the 315 dealers to which it was providing wholesale credit service at the end of August 2006.
"We aim to continue setting standards for the automotive finance industry, not only in credit business growth, but also in geographic coverage and in the relationship with our dealer partners," Livingood said. "In a young market like China, constant dealer training is crucial to business development and gives added value to these young companies."
GMAC-SAIC Automotive Finance Co., Ltd. is a joint venture between GMAC Financial Services, Shanghai Automotive Group Finance Co., Ltd. (SAICFC) and Shanghai General Motors. GMAC-SAIC was the first approved and operational automotive finance company in China. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. SAIC FC, a subsidiary of Shanghai Automotive Industry Corp. Group, is one of China's most successful non-banking finance companies.
