GMAC-SAIC’s used car financing was launched in September 2012. According to the China Automobile Dealers Association, used car sales volume reached 4.33 million units in 2011, or a scant 23% of that of new car market. For comparison consider the ratio in Japan and the U.S., where used vehicle sales represent 200% and 300% of new vehicle sales. This shows the potential for a significant increase in used vehicle sales in the Chinese market, where new vehicles are currently being sold at the rate of 20 million annually.