GMAC-SAIC Reaches One Million Customers and Receives Industry Recognition
Shanghai - GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC), the first and largest auto finance company in China, announced that it reached another milestone as the customer base surpassed one million on Christmas day of 2012. The company also was recognized with three industry awards for its innovation and service to the Chinese automobile industry.
Since it was established in 2004, GMAC-SAIC has maintained its market leadership and continuous record profit results. In August 2012, GMAC-SAIC reached 880,000 customers when it celebrated the company’s 8th anniversary. Only four months later, this number continued to grow to more than one million, which means the company achieved a double digit year-over-year growth at the end of 2012.
“We are pleased to see another business year that has been characterized by continuous growth and success. In 2012, we took great steps in product and business innovation, utilizing different financing products to meet the diversified demands of customers,” said GMAC-SAIC General Manager Rick Livingood.
The one millionth customer is Mr. Xu from Hubei province, who chose to purchase a pre-owned Buick Excelle, with service provided by Hubei Sanhuan Auto Company. Hu Jun, general manager of Sanhuan Haitong, was delighted to hear of this news: “I am honored to know that GMAC-SAIC’s one millionth customer was generated from our company. We have been collaborating for many years with GMAC-SAIC, and their auto finance services have provided great support for our auto sales business.”
GMAC-SAIC’s used car financing service was newly launched in September, 2012. The statistics from China Automobile Dealers Association show that in 2011, used car sales volume reached 4.33 million units, but was only 23% of that of new car market. This compares to the ratio in Japan and the U.S., where used vehicle sales represent 200% and 300% of new vehicle sales. This shows potential for a significant increase in used vehicle sales in the Chinese market. “The emerging used car market is bound to create substantial demand for used car financing services. As a pioneer in the auto finance industry, GMAC-SAIC has again taken on a leading position in this business sector,” said GMAC-SAIC Deputy General Manager Benjamin Zhang. “We not only offer used car financing via our existing 6,000 dealers, but also have extended the business to more than 400 used car trading markets across China.”
Because of its achievements, innovations and leadership, GMAC-SAIC was recognized with three industry awards in 2012. It was named ‘Best Innovative Auto Finance Service Provider’ with a China Financial Value Award by well-known business daily newspaper Chinese Business News. The company also received the Golden Engine Award as ‘Best Automotive Finance Company’ for the third year in a row. This Award, by business magazine Money Weekly, honors outstanding companies and services in the Chinese automotive industry. Further, GMAC-SAIC was presented with the ‘Auto Finance Service Innovation Prize’ from the China Automobile Dealers Association.
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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