GMAC-SAIC Celebrates 8th Anniversary with Over 880,000 Customers
Momentum and Growth Potential Based on Ongoing Innovations
Aug 22, 2012
SHANGHAI, China, August 22, 2012 – 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. (SGM), announced today that it reached a historical milestone surpassing 880,000 customers as it celebrated the 8th anniversary of its founding. The company’s total asset base now stands at more than CNY 40 billion (US$ 6.4 billion).
“As a leader in the Chinese market, we are pleased to see another year that has been characterized by continuous growth,” said GMAC-SAIC General Manager Rick Livingood. “Despite the moderating environment of the Chinese automotive market, the company still outpaces the average industry growth and maintains a market leading position in China. We see a number of innovations on financial products and services as driving forces.”
GMAC-SAIC’s Young Plan, a flexible financing option designed for the developing generation of first time car buyers, is an example. It was recently recognized as an innovation in the marketplace with the Golden Engine award, one of the most prestigious awards within the automotive industry. The popularity of the product reflects growing openness to the idea of auto financing and credit consumption in the younger generation now entering employment. The China Association of Automobile Manufacturers projects the market for auto loans will expand to RMB 525 billion by 2025.
Other recent industry innovations by GMAC-SAIC include the award-winning Alliance Service Package that provides additional benefits for new retail customers that include credit life insurance, road rescue service, repair and maintenance assistance and discounts for over 1200 tourist sites across the country.
Benjamin Zhang, deputy general manager of GMAC-SAIC commented, “In the Chinese Culture the number 8 represents luck. We believe 2012 is a lucky year for GMAC-SAIC as it achieved a 880,000 customer base on its 8th anniversary.”
GMAC-SAIC’s extensive dealer network grew 40 percent over the prior 12-month period. The company provides retail credit service through more than 2,500 car dealers in more than 320 cities, reflecting GMAC-SAIC's efforts to further expand its geographic footprint into third, fourth tier cities and more rural areas.
As the first approved and operational automotive finance company in China, GMAC-SAIC was founded in August 2004. 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, which is a manufacturer of small commercial vehicles and also a joint venture operation of SGM, as well as a growing pool of selected brands outside of the GM network.
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.
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