Ford Motor Credit Co. received approval to commence business operations in The People's Republic of China, clearing the way for it to expand its auto financing operations in China, starting at the beginning of the third quarter. Ford will begin its operations by offering wholesale dealer floorplan financing to local dealerships, as well as "pilot consumer installment loans in select markets," the company announced in a release.
The approval came at the end of a multi-stage process that lasted more than a year. The final phase required Ford Motor Credit to hire personnel and set up processes for review by Chinese regulators.
Ford Motor Credit will support the sale of Ford Motor Company vehicles manufactured in China as well imports. Although initially Ford will offer vehicle inventory wholesale loans for Ford brand dealers, it will subsequently expand financing to dealers of other Ford Motor Co. brands including Volvo, Land Rover and Jaguar.