NADA is long respected by the finance industry.
The National Automobile Dealers Association (NADA) announced today that Ally Financial will use its used vehicle pricing information from the NADA Used Car Guide when underwriting consumer auto contracts in 38 states. The change is effective immediately.
Ally said the move is designed to help dealers sell more used vehicles and build on the company’s success as a leading provider of financing in the new vehicle market.
Ally, formerly GMAC, is one of the largest providers of automotive wholesale and retail financing in the U.S. A majority of Ally is owned by U.S. taxpayers.
“The NADA Used Car Guide is an industry leader and part of our strategy to significantly grow our market share in the used segment,” said Tim Russi, Ally executive vice president of North American Operations.
“The outlook for used-car and truck sales remains strong this year and we feel that the NADA Used Car Guide can help lenders like Ally meet their growth objectives as market demand continues to build,” said Mike Stanton, NADA CEO of NADA Used Car Guide.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Ally Financial has financed more consumer new vehicle purchases in the U.S. than any other lender during 2010, according to AutoCount data by Experian Automotive. In 2010, Ally financed more than 803,000 new vehicle purchases, resulting in nearly $23 billion in consumer retail contracts in the U.S. This represents an approximately 60% increase in new vehicle originations compared to 2009.
“Ally accounted for one in every eight new vehicle purchases that are financed in this country last year,” said Bill Muir, Ally Financial president. “We are proud to support a broad network of automotive dealers and their customers with financing products and services, and as the leading auto financing source in the market, we are committed to this industry for the long-term.”
In total, combining new and used vehicles, purchases and leases, Ally financed $31.6 billion in consumer auto contracts in the U.S. in 2010. Ally financed nearly 1.2 million vehicles, an increase of more than 80% from 2009. In addition, the company provided financing for more than 2.8 million vehicles sold to over 5,000 dealers in 2010, an increase of nearly 80%.