Ally Financial Adopts ’Ally’ Brand for Commercial Finance Business
NEW YORK – Ally Financial Inc. today announced that it will rebrand its GMAC Commercial Finance operations in North America as Ally Commercial Finance LLC as the company seeks to expand its platform for extending commercial credit to small and mid-size businesses.
Ally Commercial Finance specializes in providing senior secured, asset-based and cash flow loans to a diverse set of mid-size companies. Clients include manufacturers, distributors, retailers, and service companies, with a focus on specialty areas such as retail, healthcare and automotive.
“We are pleased to bring Commercial Finance under the Ally brand as we look to leverage our competency in offering financing solutions to a variety of businesses. Commercial Finance is a proven provider of secured loans that has performed well over the years,” said Ally Financial Chief Executive Officer Michael A. Carpenter.
Bill Hall, president and chief executive officer of Ally Commercial Finance, said, “We see opportunities to finance mid-size companies, many of which are in a growth or transition mode. In many cases, we are the primary source of financing for our clients, and we also play a role in larger credit facilities.”
Current Ally Commercial Finance clients include global commercial truck and industrial supplier ArvinMeritor; large retailers such as Duty Free Americas; and, Saker ShopRites, the largest member/owner of the Wakefern Food Corporation, which is the largest retailer-owned cooperative in the United States"
“The commercial finance team has been instrumental as we grew, first as a public company and then as a private company,” said Richard Saker, CEO of Saker ShopRites. “We will continue to rely on Ally Commercial Finance going forward as a strategic source of our funding.”
The current portfolio of Ally Commercial Finance consists of approximately $4 billion in financing commitments to approximately 125 corporate customers. The business is headquartered in New York and also maintains offices in Baltimore, Boston, Chicago and Los Angeles.
This follows the brand change of the corporate entity to Ally Financial Inc. in May 2010. The company’s auto finance operations in the U.S., Canada and Mexico rebranded to Ally in July 2010.
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 $176 billion in assets as of June 30, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.
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