OREANDA-NEWS. July 17, 2015. Ford Credit China marked its 10th anniversary. As Ford Motor Company continues to introduce new vehicles in China and consumers’ use of financing to purchase vehicles increases, Ford Credit’s important role in the market is growing as well.

“We are fully committed, along with Ford, to the Chinese market,” said Bernard Silverstone, chairman and CEO, Ford Credit and Ford group vice president, who was in Shanghai for the employee celebration. “We will remain active in supporting success for dealers, Ford and Lincoln; mobility for consumers; and a robust consumption driven economy.”

Roughly 300 Ford Credit China employees gathered to celebrate this milestone. The event took place in Shanghai, and welcomed speeches from Silverstone, Ford Group Vice President David Schoch and a longtime Ford dealer. There were also several Ford vehicles on display and mentions of some of the team’s significant milestones made in the first decade in operation. Ford Credit China regional teams scheduled local celebrations.

Ford expects the Asia-Pacific region, including China, to account for 60 percent to 70 percent of its future growth. Automotive industry sales in China are projected to be between 24 million and 26 million in 2015, and to grow to 32 million by the end of the decade.

“Ford Credit China is a strategic asset for Ford China,” said Schoch. “The team is integral to our growth plans, and we are excited about moving forward together.”

Ford Credit China, which does business as Ford Automotive Finance (China), financed its first contract on July 15, 2005. Today, it has more than 350 employees who provide financing to more than 400 dealers and offer retail financing through more than 550 dealers. Jim Drotman, president, Ford Credit China, sees more expansion ahead.

“Consumers’ use of financing to purchase vehicles in China has grown from about 5.5 percent in 2005 to more than 20 percent today,” said Drotman. “There is room for further increases, as roughly 80 percent of vehicle purchases are financed in other markets, such as the United States.

We have been able to quickly and successfully develop our business in China by relying on and adapting Ford Credit’s global experiences and world-class processes, including working with Ford and Lincoln, customer and dealer service, and funding the business.”  

Ford Credit China offers a suite of dealer and consumer financing products, including financing for new and used vehicle purchases. It launched Lincoln Automotive Financial Services in 2014 with the arrival of the Lincoln luxury vehicle brand in China.

Ford Credit has worked with regulators and industry participants to help further develop capital markets in China and was the first wholly foreign-o