Chinese car loan venture sees 125 percent growth in Retail Credit Business

Shanghai. September 14(Gasgoo.com) - GMAC-SAIC Automotive Finance Co (GMAC-SAIC) reported yesterday that its retail credit business grew 125 percent year on year from January to August.

Total car loans surpassed 10 billion yuan (US$1.3 billion) during the period, according to a statement from GMAC-SAIC, which is celebrating its third anniversary.

"Since we entered the market as a pioneer in August 2004, GMAC-SAIC's automotive retail credit and wholesale credit businesses have experienced tremendous growth, and China remains a key growth market," said GMAC-SAIC General Manager Rick Livingood.

GMAC-SAIC, a joint venture set up by GMAC, Shanghai Automotive Industry Group Finance Co and Shanghai GM, saw its retail credit business grow at a rate of more than 100 percent each month compared to the respective month in the previous year. The company has signed more than 79,000 retail loan contracts from January to August.

GMAC-SAIC has one of the most extensive business networks in China. As of the end of August, its retail coverage had risen to more than 502 dealers in more than 132 cities across China. GMAC-SAIC primarily provides its customers credit loan services for Shanghai GM's Buick, Cadillac, Chevrolet, Saab and SAIC's Roewe brands.