Fresh off its initial public offering, Ally Financial Inc. said first-quarter auto originations totaled $9.2 billion, down from $9.7 billion in the prior-year period.
Used-car loans accounted for 30% of originations, up from 25% in the first quarter of 2012, while Ally’s share of subvented business dropped to 9% from 16%.
Ally reported $339 million of auto-related pre-tax income, down $4 million from the same time last year.
“Ally continued to post strong performance in its core businesses, with auto finance originations up $1 billion since the fourth quarter of 2013, and new and used originations from diversified dealers up 40% year-over-year,” said Ally Chief Executive Michael Carpenter.
Since its IPO, Ally’s stock price has hovered around its initial $25 pricing. On Thursday morning it stood at $24.33.
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