Tag Archive | "Ally Financial"

Ally Expands Dealer Training Offerings

DETROIT — Ally Financial has added new training courses to its Performance Development Center, further expanding the scope of its educational offerings for dealers.

The new courses address important topics like selling skills, customer loyalty and retention, social media marketing, F&I management and compliance education. Course content leverages nearly 100 years of Ally’s auto industry experience, and includes real-world examples and practical techniques that can be applied to daily operations.

Ally’s Performance Development Center is an education platform that provides innovative and easily accessible training sessions for dealership employees at all levels, officials said. Since its launch in 2013, more than 10,000 learners have registered for more than 70 different courses. The Performance Development Center offers the flexibility to learn online 24-hours a day with on-demand modules, or in a classroom setting with instructor-led training that takes place in-dealership or offsite.

The new courses will be introduced to dealers beginning January 22 at the National Automobile Dealers Association Convention and Expo. They include comprehensive F&I management training that teaches effective customer needs assessment and menu presentation skills, a vehicle selling skills course designed to help sales consultants develop a consistent and professional approach, and courses designed to help dealerships learn customer loyalty strategies and social media management. The courses are infused with practical examples, tips and techniques that Ally has assembled through its extensive experience with dealers of all sizes across the country, according to the company.

A new series of compliance-focused courses will also be added to the Performance Development Center later this month that aims to educate dealership employees about current rules and regulations. The compliance training courses are being provided in connection with the Enterprise Governance, Risk & Compliance Solutions division of FIS, which specializes in risk management, regulatory training and consulting services for the automotive and financial services industries. FIS provides risk management, including compliance training, to more than 5,000 financial services companies across the country as well as all major regulatory agencies. The compliance training courses will cover topics such as Truth in Lending Act, Fair Lending, Regulation M and Federal Advertising Laws, and provide role-specific eLearning training for sales and finance professionals.

“As a leader in the auto industry, Ally believes that the combination of best-in-class products and services paired with a knowledgeable sales force is a winning combination for dealerships,” said Jim Whiteford, executive director, Performance Development at Ally. “By continuously adding courses to our Performance Development Center, we are creating an important resource for all dealers, offering valuable, real-world knowledge and tools to help them sharpen skills and increase efficiency and effectiveness throughout their organizations. We are proud that our platform has reached 10,000 learners and we will continue to add new courses based on feedback and demand.”

Ally’s Performance Development Center was launched in 2013 to provide dealers with convenient access to comprehensive education and training. The platform offers more than 29 on-demand and instructor led training courses with more than 44 on-demand modules covering a wide range of topics. Most modules are under 20 minutes, specifically tailored for busy dealership personnel. The Performance Development Center is available to all dealers and is continuously updated with new courses and content.

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GM Financial Completes Acquisition of Ally’s International Operations

FORT WORTH, Texas — General Motors Financial Company, Inc., has announced that on Jan. 2, GM Financial, GMAC UK plc — an indirect wholly-owned subsidiary of GM Financial — and Ally Financial Inc., completed a transaction under which GM Financial and GMAC UK acquired Ally’s 40% equity interest in SAIC-GMAC Automotive Finance Company Limited, a joint venture that conducts auto finance operations in China.

GM Financial acquired a 5% equity interest and GMAC UK acquired a 35% equity interest in the joint venture. Also on January 2, GM Financial sold its 5% equity interest in SAIC-GMAC to Shanghai Automotive Group Finance Company Ltd., a current shareholder of SAIC-GMAC. As a result of these equity transfers, SAIC-GMAC is now jointly owned by SAIC FC (45%), GMAC UK (35%) and Shanghai General Motors Company Limited (20%). SGM is a joint venture between Shanghai Automotive Industry Corporation (50%) and GM (50%). GM contributed $700 million in equity to GM Financial to facilitate this acquisition.

“The close of the joint venture in China completes our acquisition of Ally’s international operations that began in November 2012. This is an important step in our evolution as GM’s global captive finance company and in supporting its growth strategy. China is a significant market for GM and we want to ensure the availability of competitive financing for its customers and dealers,” said President and CEO Dan Berce.

The company previously completed the acquisition of Ally’s international operations in Europe and Latin America in 2013.

GM Financial now has operations in 19 countries, serving more than 16,000 dealers and providing auto finance products in markets that cover over 80% of GM’s worldwide sales.

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Government Loses $9.26 Billion on Auto Bailout

WASHINGTON, D.C. — According to a report from the U.S. Treasury Department released Monday, the government lost a total of $9.26 billion on its bailout of the auto industry during the Great Recession. The program closed after the Treasury sold its final shares of Ally Financial on Dec. 19, The Detroit News reports.

The Treasury recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Chrysler LLC and auto lending arms Ally Financial Inc. and Chrysler Financial. While the government actually made $2.4 billion on its investment of Ally, it recouped just $39 billion of the $49.5 billion given to GM; and $10.67 billion of the $11.96 billion that went to Chrysler.

To read the full story, click here.

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Government Selling Last Stake in Ally Financial

The government is selling the last of its shares in Ally Financial Inc., the former financing arm of General Motors that was bailed out during the financial crisis, reported MLive.

Detroit-based Ally said Thursday that the Treasury Department is selling its remaining 54.9 million shares. That amounts to about an 11 percent stake in the company. At the close of trading Thursday, that would be worth about $1.25 billion.

Ally, formerly called GMAC Inc., received a $17.2 billion bailout that began in 2008. It’s now a standalone auto financing company and bank.

Ally said that the government has already received $18.3 billion from its investment in the company. Ally went public in April and Treasury sold a chunk of its stake then.

Separately Thursday, Ally said that it has received a subpoena from the Justice Department related to subprime auto loans. It said other financial institutions had said they received similar requests earlier this year. GM Financial, an affiliate of General Motors Co., acknowledged in August receiving a subpoena over subprime auto loans.

GM Financial had said that the Justice Department was considering a civil lawsuit for potential violations of the Financial Institutions Reform, Recovery and Enforcement Act, a federal law that was passed following the savings and loan crisis in the 1980s.

Subprime loans generally are made to borrowers with questionable credit repayment histories.

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Ally Launches Online Tool to Help Car Buyers Decide Between Leasing or Buying

DETROIT — Ally Financial has launched a new tool to help consumers decide whether buying or leasing might be their best option when shopping for a vehicle.

Available for free on Ally’s website, the interactive buy or lease tool will help arm consumers with the right information to start the vehicle financing process, officials said. The tool leads consumers through five simple questions on their automotive and driving needs, including how many miles they drive annually, down payments intentions and maintenance, as well as preferences on how long to keep a vehicle.

After completing the questions, consumers will learn which option best fits their needs: buying, leasing or the Ally Buyer’s Choice product. Consumers can explore additional information on these financing options, or take what they’ve learned and head into the dealership equipped with knowledge on the different choices available.

“Well informed consumers do their research and come armed with a game plan when looking to finance a vehicle,” said Andrea Riley, CMO of Dealer Financial Services for Ally. “Knowing what types of options are available before even stepping foot in the dealership can help consumers feel more confident that the decisions they are making are the right ones for their financial situation.”

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Treasury Plans to Sell Additional Ally Common Stock

WASHINGTON — Last week, the U.S. Department of the Treasury announced that it would continue to wind down its investment in Ally Financial by selling additional shares of common stock through its first pre-defined written trading plan. The Treasury currently holds 75,065,340 shares, or approximately 16% of Ally common stock.

“Treasury’s sale of additional Ally common stock is part of our continuing effort to wind down the Troubled Asset Relief Program (TARP),” said Chief Investment Officer Charmian Uy. “We will prudently exit the remaining Ally investment, balancing speed with maximizing returns for taxpayers.”

As part of Ally’s initial public offering in April, the Treasury sold 95,000,000 shares of Ally common stock at $25.00 per share for $2.375 billion dollars in proceeds to taxpayers. The underwriters of the IPO later exercised their option to purchase 7,245,670 additional shares at the IPO price, recovering an additional $181 million for taxpayers. Taxpayers have now recovered approximately $17.8 billion on the Ally investment, roughly $650 million more than the original $17.2 billion investment.

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