GMAC-SAIC Celebrates Second Anniversary
Sep 20, 2006
SHANGHAI, China - GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC), which is celebrating the second anniversary of its founding, announced today that its retail credit business grew 71.3 percent on an annual basis in August.
"Since our establishment in August 2004, GMAC-SAIC's two major businesses of automotive retail credit and wholesale credit have experienced tremendous growth," said GMAC-SAIC General Manager Christian Weidemann. "Our objective is to fully leverage GMAC's global expertise along with SAIC's in-depth knowledge of the local market to provide our customers professional world-class automotive finance services."
Between January and August, GMAC-SAIC's retail credit business grew at a rate of more than 50 percent each month compared to the respective month in the previous year. Through the end of August, GMAC-SAIC had signed nearly 30,000 retail loan contracts, with applications for automotive retail credit loans accepted by GMAC-SAIC increasing on a monthly basis.
GMAC-SAIC continues to expand its domestic business network. As of the end of August, its retail coverage had risen to more than 300 dealers in more than 80 cities across China. GMAC-SAIC primarily provides its customers credit loan services for Shanghai GM's Buick, Cadillac, Chevrolet and Saab brands. It aims to achieve coverage of at least 85 percent of Shanghai GM dealers across China by the end of 2006.
The joint venture was providing wholesale credit service to more than 315 car dealers in China through the end of August. This represented an increase of more than 60 percent from the 195 dealers to which it was providing wholesale credit service at the end of August 2005.
Weidemann said, "As the first approved and operational automotive finance institution in China, GMAC-SAIC is leading the competition. We intend to continue setting the standard for the new industry."
GMAC-SAIC Automotive Finance Co., Ltd. is a joint venture between GMAC and Shanghai Automotive Group Finance Co., Ltd. (SAICFC). GMAC is a global, financial services company that operates in 39 countries, in auto finance, residential mortgage, insurance and commercial finance businesses. With more than $300 billion in assets, it generated nearly $2.4 billion in net income in 2005, on net revenues of $19.2 billion. General Motors, which currently owns all of the equity of GMAC, announced earlier this year that it will sell a majority of its interest to a consortium of investors led by Cerberus Capital Management.
SAICFC, a subsidiary of Shanghai Automotive Industry Corp. Group (SAIC), is one of China's most successful non-banking finance companies.
Public Affairs & Communications, GM China
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Michael Stoller, GMAC Communications
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GMAC International Communications
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