GMAC-SAIC is China’s first auto financing company formed as a joint venture between Shanghai Automotive Group Finance Company (SAIC FC) and General Motors Acceptance Corporation (GMAC). Negotiations of the two companies started in 2000 with the signing of the Cooperation Memorandum, the joint preparation of a feasibility study, the establishment of the joint venture contract. With promulgation of the “Auto Financing Regulation” at the end of 2003, the JV finally received green light from the regulator, the China Banking Regulatory Committee (CBRC), to move into the formal preparatory stage. In 3rd August, 2004, the JV was formally granted the license to start the operation and on August 18th, 2006 became the first automotive finance company in China.
GMAC with its international auto and financing background and experience in more than 40 countries, and SAICFC with its local expertise as one of the leading Group finance companies will give the joint venture GMAC SAIC an excellent start point for a successful operation.
With its advanced financing tools and experience in the local market, the GMAC SAIC aims to be one of the world’s top class automotive finance companies, to maximize the shareholder’s return on investment, to help promoting the development of the Chinese Auto Industry and to contribute to the growth of the auto finance business in China.
As China’s first automotive finance company, GMAC SAIC will be providing financing services to SAIC Group related companies; GM Group related companies as well as their affiliates and joint ventures to support their vehicle sales. The company will implement the business on a phased approach basis and will utilize advanced automotive finance management experience and technological advantages to provide satisfactory and valuable added financial services to dealers and end customers.
