Ally Teams with DealerTrack to Expand Reach of Retail Auto Financing In Canada
TORONTO – Ally Financial Inc. and DealerTrack Canada, Inc., a subsidiary of DealerTrack Holdings, Inc. (Nasdaq:TRAK), today announced that Ally Credit Canada Limited has been added to the DealerTrack network of more than 6,000 Canadian dealers as a financing option for their customers.
“The addition of Ally to the DealerTrack Canada network provides the company with access to retail financing applications from essentially all Canadian auto dealers across all manufacturers,” said Tom Dickerson, president, Ally Credit Canada Limited. “It is a means to broaden our customer base and to strengthen our support to the auto industry.”
Ally and DealerTrack began their strategic partnership in February 2010 when Ally joined DealerTrack’s U.S. credit application network. Ally will also continue to accept applications through the RouteOne system.
The DealerTrack Canada network allows Canadian dealers to electronically submit credit application data directly to DealerTrack-registered lenders, and facilitates the completion of lender specific documentation necessary to complete a fundable transaction.
“Now with Ally on the DealerTrack Canada network, Canadian dealers will have another well-respected financing resource to tap into to help close sales,” said Michael Collins, vice president and general manager, DealerTrack Canada, Inc., in Mississauga. “The DealerTrack Canada network has quickly become the go-to source for dealers to help streamline their financing processes and simplify electronic, real-time credit decisions.”
Ally financed $3.8 billion in consumer auto contracts in Canada last year. “Our presence on DealerTrack in Canada provides additional dealers with a new opportunity to get their customers financed for new and used vehicle sales,” added Dickerson.
About Ally Financial
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 $172 billion in assets as of Dec. 31, 2010, Ally operates as a bank holding company.
Ally Credit Canada Limited (ACCL) provides a wide array of financial products and services to auto dealers and consumers in Canada, including retail automotive financing and related servicing activities, such as payment collection and processing. ACCL also provides dealers with wholesale floorplan financing, working capital loans, revolving lending facilities, and vehicle remarketing services. The company is the preferred provider of financing for GM and Chrysler vehicles. In addition to its retail and dealer finance products, ACCL offers consumers extended service contracts and other insurance products through dealers. With its main office based in Toronto, ACCL also operates Canadian servicing centers in Toronto and Montreal.
About DealerTrack Canada, Inc.
DealerTrack Canada, Inc., a subsidiary of DealerTrack Holdings, Inc., is the leading provider of on-demand credit application processing solutions in Canada. The DealerTrack Canada Network connects more than 6,000 Canadian automobile, marine recreational vehicle, motorcycle, and power sport dealers to all major Canadian financial institutions and more than 50 Credit Unions and strategic industry partners. DealerTrack Canada’s solution offerings include the Company’s web-powered Dealer Management System (DMS); DealerTrack AAX, a comprehensive inventory management solution; and TradeTracker, an online trade appraisal management tool. The family of DealerTrack Canada solutions allows Canadian dealers to streamline their business operations and processes, work more efficiently and reduce costs, while increasing their business’ return-on-investment.
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