As GM Financial increases subprime lending in the US of A, GMAC-SAIC — the automaker’s financial lending operation in China — is earning customers by the boatload. GMAC-SAIC, a joint venture between Ally Financial Inc., Shanghai Automotive Group Finance Co., Ltd. and Shanghai General Motors Co. Ltd. (SGM), announced last week that it has surpassed 880,000 customers after celebrating its eighth anniversary.
The firm now enjoys a total serviced asset base of more than CNY 40 billion ($6.4 billion USD) and — in spite of slowing growth of the Chinese auto market — continues to outpace average industry growth while maintaining a market-leading position in China.
Since its founding eight years ago, GMAC-SAIC has also introduced several innovative offerings, such as the company’s Young Plan, which offers flexible financing designed for the growing generation of first-time car buyers. The product recently won the prestigious Golden Engine award.
Founded in August 2004, GMAC-SAIC was the first approved and operational automotive finance company in China. It provides customers with credit loan services primarily for Shanghai GM’s Buick, Chevrolet, and Cadillac brands as well as retail support to SAIC-GM-Wuling and a growing number of brands outside of those marketed by GM.