GMAC-SAIC Increases Network By 40%
News: GMAC-SAIC Automotive Finance, a Chinese joint venture of US bank Ally Financial, has increased its dealer network by 40% in the past 12 months. The growth came as GMAC-SAIC expanded into small cities and rural areas, serving more than 2,500 dealerships in more than 320 cities in the country. The lender caters to more than 880,000 customers and has a total asset base of more than CNY40bn (US$6bn). Auto loans in the Chinese market are likely to reach CNY525bn (US$78.75bn) by 2025, according to GMAC-SAIC, citing a forecast by the China Association of Automobile Manufacturers.