SAN FRANCISCO, Feb. 3, 2011 /PRNewswire-USNewswire/ -- The National Automobile Dealers Association (NADA) announced today that Ally Financial will utilize vehicle pricing information from the NADA Used Car Guide when underwriting consumer auto contracts in 38 states. The change is effective immediately.
Ally Executive Vice President of North American Operations Tim Russi 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.
"The NADA Used Car Guide is an industry leader and part of our strategy to significantly grow our market share in the used segment," Russi said.
"Dealers in a large part of the country have told us that they look to the NADA Used Car Guide as their preferred source for used vehicle valuations and we're pleased to add it to the resources we use in our underwriting," Russi added.
Mike Stanton, NADA vice president and chief operating officer of NADA Used Car Guide, said dealers across the country will welcome Ally's decision because of NADA's extensive market share in the industry and its longstanding relationships with the lending community.
"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 Stanton. "NADA is widely recognized by lenders as a trusted source of vehicle pricing information for consumer auto loans and we're pleased to be able to offer Ally our expertise."
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 $172 billion in assets as of Dec. 31, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.
About NADA Used Car Guide
NADA Used Car Guide, over its 77-year history, has earned the reputation of a leader in providing market-reflective vehicle valuation products, services and information to businesses worldwide. NADA collects and analyzes more than 1 million combined wholesale and retail auto-related transaction prices each month. Its guidebooks, auction data, analysis and data solutions offer automotive, financial, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. For more information, visit www.nada.com/b2b.
SOURCE National Automobile Dealers Association