Guangzhou Automobile Group Co. (GAC Motor) aims to be the first Chinese automaker to enter the U.S. market by yearend 2019 and is in talks with U.S. banks for retail financing, Auto Finance News has learned.
“At this point in time, we’re looking at different options for retail customer loans, and we will proceed with the [option] that provides the best value to our customers,” Leonardo Zhang, a company spokesman, told AFN. “We’ve been approached by banks with intent to partner with us for providing consumer loans. Further due [diligence] is currently being performed.”
The carmaker, which sold 500,000 vehicles last year, has a partnership with Fiat Chrysler Automobiles to manufacture Jeeps in China. GAC Motor is reportedly considering selling its cars through U.S. dealerships tied to FCA.
It’s unclear if Chrysler Capital, the OEM’s financial arm that is partly funded by Santander Consumer USA, will have any involvement with GAC Motor in its U.S. launch. Chrysler Capital declined to comment for this story.
“In the first half of this year, we will establish a North American sales company that will be responsible for developing the dealership network,” Yu Jun, GAC Motor’s president, said at a news conference at the Detroit Auto Show in January. “We will explore all sorts of channels, including partnering with FCA as well as others.”
The first model GAC plans to offer in the United States is a sport-utility vehicle called the GS8.
