August 25, 2005

GMAC marks first year in China

Shanghai, China – GMAC-SAIC Automotive Finance Company Ltd. has marked its first year in China, with good progress in its development. The company is a joint venture between General Motors Acceptance Corporation (GMAC) and Shanghai Automotive Group Finance Co. Ltd., the first approved and operational automotive financing company in China.

GMAC-SAIC is still the only automotive finance institution offering both retail and wholesale business. Currently it services 180 dealers in wholesale business, and over 110 dealers in 20 cities across China with retail credit. The firm works with Shanghai General Motors, which sells Cadillac, Chevrolet and Buick. GMAC-SAIC represents about 140 employees, with about 70 of them part of a field-based workforce involved in promoting products in the dealer network, conducting field investigation, and wholesale field audits.

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