GMAC-SAIC remains bullish about growth in Chinese market

GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC) said that after seven years of doing business in China, the company remains optimistic about the growth potential in the local market. GMAC-SAIC is a joint venture between Ally Financial Inc., Shanghai Automotive Group Finance Co., Ltd. and Shanghai General Motors Co. Ltd. (SGM). Its total asset base is now more than CNY 34 billion (US$ 5.3 billion), following a 55% retail credit business growth from August 2010 to August 2011. GMAC-SAIC recorded more than 237,000 contracts during that period. Its General Manager, Rick Livingood said, “The collaboration between Ally, SAIC and GM has proven to be successful as our collective experience and market intelligence has enabled the company to outpace the average industry growth and maintain a market leading position in China. Importantly, we continue to work closely with the government and our regulators to continue to meet the needs of this growing customer base.”
GMAC-SAIC experiences continued growth
During the prior 12-month period, GMAC-SAIC experienced a 60% growth and its wholesale coverage increased to more than 750 dealers in about 300 cities. The company further diversified its access to funding and liquidity. Late last year, it completed what is now hailed as the first-ever financial bond issuance by an auto finance company in the mainland. GMAC-SAIC was recognized by the People’s Bank of China with an award that named the company as an Advanced Institution in the Shanghai Financial Market of 2010. GMAC-SAIC was the first automotive finance company in China to receive the award. “More and more people in China are recognizing the benefits of financing and the services that GMAC-SAIC can provide. In January, GMAC-SAIC reached a historical milestone surpassing half a million customers, and this number has continued to grow to more than 600,000 in August. Our application turnaround time has been improved substantially, an achievement we are very proud of and one that validates our commitment to providing outstanding service to our customers,” said Benjamin Zhang, deputy general manager of GMAC-SAIC. (September 8, 2011)