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.
