Shanghai, China - GMAC-SAIC
Automotive Finance Company, Ltd. this month marks its first year
with good progress on the development of this new business. The
joint venture between General Motors Acceptance Corporation (GMAC)
and Shanghai Automotive Group Finance Co. Ltd., the first approved
and operational automotive financing company in China, has made
great inroads in supporting the nationwide dealer network.
GMAC-SAIC is still
the only automotive finance institution offering both retail and
wholesale business, and does so for all Shanghai General Motors
(Shanghai GM) brands in China (Cadillac, Chevrolet and Buick). Currently
the joint venture is servicing 180 dealers in wholesale business
and over 110 dealers in 20 cities nationwide with retail credit.
"Our measured approach
and controlled growth to support Shanghai GM is paying off," says
Christian Weidemann, general manager of GMAC-SAIC. "We are also
proud to have a clean portfolio of more than 5,000 retail contracts
without any losses and an excellent quality of customers. The combination
of local expertise and GMAC's global knowledge is key to our success."
GMAC-SAIC focuses on
new car financing. In addition to the standard retail business,
it offers a retail balloon product to end customers and for the
GMAC-SAIC services its customers
with ca. 140 employees, with about 70 of those part of a field-based workforce
involved in promoting products in the dealer network, conducting field investigation
and wholesale field audits.
"We appreciate the reliable
and ongoing support for wholesale and retail financing from GMAC-SAIC. This
helps us to sell more cars in this competitive market," said Cai Yingjie,
general manager of Shanghai Yongda Co., Ltd.
"There are of course still
some challenges," says Weidemann. "The development of a nationwide credit
bureau coverage has begun, and we are in close communication with the authorities
to help support this effort."
Looking into the future, Weidemann
counts on a continuous improvement of the processes to help streamline the
young operation. "Our aim is to set standards in this new financial segment
and to lead the competition."
GMAC-SAIC is a joint venture
between General Motors Acceptance Corporation (GMAC), one of the world's
leading financial service providers and a wholly owned subsidiary of General
Motors Corp., and Shanghai Automotive Group Finance Co. Ltd. (SAICFC), one
of China 's foremost finance companies and a subsidiary of Shanghai Automotive
Industry Corporation Group (SAIC). The new joint venture represents the
latest extension of the successful partnershipbetween GM and SAIC in China
. It is the first approved and operational automotive financing company
in China .