GMAC-SAIC Automotive Finance said on Thursday its retail credit business grew 125% year on year in the eight months to the end of August 2007, and the operation has now passed $US1.3bn of assets.
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“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.
Between January and August, GMAC-SAIC’s retail credit business grew at a rate of more than 100% each month year on year. To the end of August, GMAC-SAIC had signed over 79,000 retail loan contracts, with applications for automotive retail credit loans accepted increasing monthly.
The finance unit has over 350 employees and 502 dealers in 132 cities across China. It primarily provides credit loan services for Shanghai GM’s Buick, Cadillac, Chevrolet, Saab and SAIC’s Roewe brands.
