Ally Financial ranked No. 1 in consumer auto sales financing for the second year running, according to AutoCount by Experian Automotive. In 2012, Detroit-based Ally Financial financed roughly 1.5 million new and used cars through franchised and independent dealers.
The lender had nearly $39 billion in consumer auto loans and $32.5 billion in commercial auto assets outstanding at the end of last year. It does business with nearly 15,000 dealers nationwide.
Ally Financial is in the process of making a “diversified, dealer-centric business model” that focuses on the U.S. auto industry, something that will be further strengthened by finalizing the sales of its international operations throughout 2013. As a way to broaden its reach and increase service to dealers, Ally will hire 200 sales and underwriting staff members this year.
Used-vehicle financing and leasing made up 46% of Ally’s auto contract originations in 2012, a year-over-year increase of 14%.
Experian Automotive reports Department of Motor Vehicles registration information from all U.S. states except Wyoming, Delaware, Rhode Island, and Oklahoma.
You’ve hit on the $64k question. They find themselves in a big hole and all the news to date has not been good. Lentz is apparently going to testify before Congress today that the accelerator problems are not electronic.
All of us in the business who rely on strong resale values had better hope this is not more subterfuge.
When you find yourself in a hole, it is best to quit digging. Let’s hope Toyota execs don’t come to Capitol Hill with shovels in hand!