SHANGHAI, Sept. 8, 2011 /PRNewswire/ -- 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 after seven years of doing business in China, the company continues to see momentum and growth potential in the Chinese market. GMAC-SAIC's retail credit business grew 55 percent from Aug, 2010 to Aug, 2011, as more than 237,000 contracts were recorded during those 12 months. The company's total asset base now stands at more than CNY 34 billion (US$ 5.3 billion).
"As a pioneer in the Chinese market, we are pleased to see another year that has been characterized by continuous successes," said GMAC-SAIC General Manager Rick Livingood. "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's extensive dealer network grew 60 percent over the prior 12-month period. The company's wholesale coverage expanded to more than 750 dealers in more than 300 cities, reflecting GMAC-SAIC's efforts to further expand its geographic footprint into third and fourth tier cities. These cities now comprise the fastest growing geographical segment for the company, as customers in these regions are beginning to leverage financing to acquire vehicles.
Additionally, late last year the company completed the first-ever financial bond issuance by an auto finance company in China, further diversifying its access to funding and liquidity and strengthening its ability to meet the needs of customers. These achievements were recognized by The People's Bank of China as GMAC-SAIC was named an Advanced Institution in the Shanghai Financial Market of 2010, the first automotive finance company in China to receive this award.
Benjamin Zhang, deputy general manager of GMAC-SAIC commented, "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."
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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SOURCE Ally Financial