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GMAC-SAIC Celebrates Sixth Anniversary With Record Monthly Contract Volume
2010 Retail Contracts Booked Through August Surpass 2009 Full Year Total
SHANGHAI (Sept. 14, 2010) -- GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC), a joint venture between Ally Financial Inc., Shanghai Automotive Group Finance Co., Ltd. and Shanghai General Motors Co. Ltd., announced that it booked a monthly record for retail contacts in August, as it celebrated the sixth anniversary of its founding. GMAC-SAIC booked more than 18,000 retail contracts in August and has signed more than 109,000 retail loan contracts during the first eight months of 2010, which already exceeds the 2009 full year total.
"We are very pleased with yet another year characterized by strong business growth. Surpassing 100,000 retail contracts at this point of the year represents a significant milestone for not only us, but for the whole automotive finance industry in China," said Rick Livingood, general manager of GMAC-SAIC.
During the company's sixth year in business, the retail credit business grew 64 percent compared to the prior 12-month period, and the operation now has more than 16.9 billion RMB of total retail assets (approximately US$2.5 billion).
GMAC-SAIC has one of the most extensive dealer networks in China. At the end of August, its wholesale coverage had reached more than 580 dealers in more than 220 cities. In addition, the company was providing retail credit service through more than 1,150 car dealers in more than 240 cities. This reflects GMAC-SAIC's continued expansion of its geographic footprint in the market during the last 12 months, as its auto financing business has grown in second and third tier cities, as well as in more rural areas.
Benjamin Zhang, deputy general manager of GMAC-SAIC commented, "These developing areas now comprise our fastest growing geographical segment, as our automotive financing services continue to meet the needs of this growing customer base."
Founded in August 2004, GMAC-SAIC was the first approved and operational automotive finance company in China. Since its inception, the operation has provided financing to more than 395,000 customers. GMAC-SAIC provides its customers with credit loan services primarily for Shanghai GM's Buick, Chevrolet and Cadillac brands. Additionally, it provides retail support to the SAIC-GM-Wuling brand, as well as select non-GM brands.
GMAC-SAIC Automotive Finance Co., Ltd. is a joint venture between Ally Financial Inc. (formerly GMAC Inc.), Shanghai Automotive Group Finance Co., Ltd. (SAICFC) and Shanghai General Motors Co. Ltd. (Shanghai GM). Ally Financial Inc. is one of the world's largest automotive financial services companies and offers a full suite of automotive financing products and services in key markets around the globe. SAICFC, a subsidiary of Shanghai Automotive Industry Corp. Group, is one of China's most successful non-banking finance companies. Shanghai GM is a joint venture with Shanghai Automotive Industry Corp. Group (SAIC), a leading passenger car manufacturer in China.