Crisis?? Where? GMAC-SAIC Automotive Finance Co., announced that it booked a monthly record for retail contacts in August, as it celebrated the sixth anniversary of its founding.
GMAC-SAIC booked more than 18,000 retail contracts in August and has signed more than 109,000 retail loan contracts during the first eight months of 2010, which already exceeds the 2009 full year total.
During the company’s sixth year in business, the retail credit business grew 64 percent compared to the prior 12-month period, and the operation now has more than 16.9 billion RMB of total retail assets (approximately US$2.5 billion).
GMAC-SAIC has one of the most extensive dealer networks in China. At the end of August, its wholesale coverage had reached more than 580 dealers in more than 220 cities. In addition, the company was providing retail credit service through more than 1,150 car dealers in more than 240 cities. This reflects GMAC-SAIC’s continued expansion of its geographic footprint in the market during the last 12 months, as its auto financing business has grown in second and third tier cities, as well as in more rural areas.