Buick Excelle continues to set sales records in spite of its age.
GMAC-SAIC Automotive Finance Company says its customer base has now surpassed one- million car buyers in China. The first and largest auto finance company in China since its founding in 2004 also has a continuous record of profits. In August 2012, GMAC-SAIC reached 880,000 customers when it celebrated the company’s eighth anniversary.
The one-millionth customer is Mr. Xu from Hubei province, who bought a pre-owned Buick Excelle, with service provided by Hubei Sanhuan Auto Company. Hu Jun, general manager of Sanhuan Haitong, said, “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 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.
GMAC-SAIC offers used car financing via its existing 6,000 dealers, and has extended the business to more than 400 used car dealers in China. GMAC-SAIC Automotive Finance is a joint venture between Ally Financial (formerly GMAC), Shanghai Automotive Group Finance Co., (SAICFC) and Shanghai General Motors Co.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
