Ally Financial Boosts Auto Dealer Credit Lines
DETROIT, May 1, 2012 /PRNewswire/ -- Ally Financial is increasing wholesale credit lines for auto dealers to take advantage of the U.S. auto market momentum. In the first quarter of 2012, Ally proactively expanded wholesale limits for more than 40 percent of its U.S. dealer clients.
"The flexibility in our credit line administration not only supports dealers, but also aligns with accelerated manufacturer production levels," said Bill Muir, president of Ally Financial. "We are seeing strong demand for increased inventory financing for both new and used vehicles as dealers seek to fully stock their lots and maximize their sales potential."
Ally attributes the market momentum to steady improvements in the economy, the ample availability of consumer credit, the interest in new and refreshed products coming to market, and pent-up demand from consumers looking to replace their aging vehicles.
The company also is increasing its U.S. underwriting team by 15 percent from year-end staffing levels to accommodate the greater volume of consumer financing applications. "Our consumer underwriting teams now work seven days a week, with extended hours Monday through Saturday," Muir said. Strategic hires have begun in key cities across the country: Atlanta, Charlotte, Chicago, Costa Mesa, Detroit, Jacksonville, Pittsburgh, and Lewisville, Texas.
"It's a great time to buy a car or truck," Muir said. "We have attractive retail financing and lease programs in the market, including incentivized leases on 38 models for five manufacturers. There are also some great incentivized programs on certified used vehicles, so there's something for everyone."
Ally Financial is the leading auto finance company in the country, according to AutoCount by Experian Automotive. In the U.S., Ally financed $9.7 billion in consumer auto sales in the first quarter of 2012, and had an average of $26 billion in dealer wholesale financing outstanding, up 10 percent from the same prior year period.
About Ally Financial Inc.
Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers retail banking products. With approximately $186 billion in assets as of March 31, 2012, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @ally.
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