Ally Financial recently announced its participation in the RV Dealers International Convention/Expo Oct. 3-7 as a Copper Sponsor of the annual event.
Sponsored by RVDA, RVDA of Canada and the RV Learning Center, the expo will be held at the Rio All-Suite Hotel & Casino in Las Vegas.
In addition to its financial sponsorship, Ally representatives will be on hand to discuss dealer wholesale financing, retail financing and remarketing services. The bank holding company formerly known as GMAC, Detroit, Mich.-based Ally Financial was named the largest auto finance company in the U.S. earlier this year by the Auto Finance Big Wheels annual ranking of car lenders and lessors. Ally entered the RV financing market in June 2010 and began wholesale financing for RV dealers last November.
“We are committed to supporting RV dealers in their sales efforts and look forward to building lasting business relationships,” said Mark Manzo, Ally Financial vice president of Alliance Sales. “We are putting our expertise to work nationwide for the RV industry.”
Prior to the convention, dealers interested in Ally financing and services may contact the company at (800) 814-8842.
Ally Financial seized on a market buoyed by new loan originations to claim the title of largest auto finance company in the United States in 2010, according to the new Auto Finance Big Wheels annual ranking of car lenders and lessors.
Ally Financial, the bank-holding company that used to be known as GMAC, amassed an auto finance portfolio of $74 billion last year, $10 billion more than Toyota Financial Services, which came in second in the Auto Finance Big Wheels ranking. Ally recently stepped up its role in the RV industry with stated intentions of becoming a national scale wholesale and retail RV lender
“Ally entered 2010 with a new brand, the overhang of its federal government bailout, and performance uncertainty swirling around its largest patron, General Motors, and rose above all that adversity to exit 2010 as the No. 1 lender in the land,” said Marcie Belles, editor of Auto Finance Big Wheels. “It’s a testament to Ally’s comprehensive strategy to garner share in all segments of the industry.”
The top 10 auto finance companies in the US last year were:
1. Ally Financial
2. Toyota Financial Services
3. Chase Auto Finance
4. Ford Motor Credit Co.
5. Wells Fargo Dealer Services
6. Bank of America Dealer Financial Services
7. American Honda Finance Corp.
8. BMW Financial Services
9. Nissan Motor Acceptance Corp.
10. Santander Consumer USA
Auto Finance Big Wheels ranks the top 100 car finance companies in the nation by pouring through public documents, receiving data directly from lenders, and by applying a propriety formula for calculating outstandings and originations based on a variety of criteria. The 2011 report is the 12th annual Big Wheels published by Auto Finance Advisors, a consultancy dedicated to providing research and advisory services to the automotive lending and leasing market.
After the credit crisis sent the auto finance sector into a tailspin, the tide was turned in 2010 by a 31% increase in loan originations, compared with a year earlier. Toyota originated the most auto loans and leases last year.
“Last year saw the auto finance market resuscitate, and we forecast the industry to truly get its mojo back in 2012, particularly since car sales have taken off so far this year,” said Belles, who is also a principal at Auto Finance Advisors. “The market has a bright future.”
To help dealers close more deals quickly, Ally Financial has introduced a dealer approval program called “Ally RV Express.”
Dealers simply need to complete an Ally retail credit application and run a generic credit bureau report, according to a news release. Then, they verify that their customers meet a checklist of requirements based on the amount to be financed – such as credit score, credit history, minimum down payment, advance and term. Provided the applicant meets the criteria, the dealer can offer a contract to the customer and sell it to Ally Financial for funding. The Ally RV Express program can be applied to RVs of 2006 or newer models.
“Our goal is to help dealers sell more RVs and streamline the financing process for qualified customers,” said Mark Manzo, vice president of Alliance Sales for Ally Financial.
Information about the program is being provided to U.S.-based RV dealers who do business with Thor Industries Inc. Ally Financial was named the preferred retail finance provider for Thor RV dealers earlier this year, and announced its entry into general RV wholesale financing in November. For more information, dealers may call the Ally RV branch office at (800) 814-8842.
Thor is the world’s largest manufacturer of recreation vehicles, with a U.S. network of approximately 1,200 dealers selling brands such as Airstream, Breckenridge, CrossRoads, Dutchmen, Heartland, Komfort and Keystone RV.
“We benchmarked current options and needs in the industry and will offer a very competitive wholesale financing product for RV dealers,” Tim Russi, Ally Financial executive vice president for North American Operations, stated in a news release. “Our program is tailored to the recreation vehicle business with attractive terms and flexible credit lines that will accommodate the seasonal fluctuations in RV inventory. We view our retail and wholesale financing, along with remarketing tools, as a full-service offering for dealers.”
Thor RV Group President Ron Fenech said, “Dealer wholesale financing is a critical part of the RV business. We are thrilled to have a strong national lender like Ally stepping in to provide Thor dealers with competitive financing for their inventory.”
Qualified dealers may obtain wholesale financing from Ally Financial for all or a portion of their inventory. Ally Financial has a dedicated sales team devoted to the RV business. Representatives will be on hand next week at the 48th Annual National RV Trade Show in Louisville, Ky., to introduce the wholesale financing program.
Ally Financial became the preferred retail finance provider for Thor Industries RVs in April. Ally currently extends retail financing in about 40 states, with plans to expand its RV retail financing nationwide by the end of the year.
Ally Financial is diversifying its business as an independent bank holding company devoted to the broad automotive industry.
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 online retail banking products. With more than $173 billion in assets as of Sept. 30, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.