LAS VEGAS, March 22, 2018 -- Ally Financial Inc. and Drive Motors today announced that they have entered into a strategic relationship naming Ally the preferred finance company for Drive Motors. The agreement provides Ally with the opportunity to receive consumer financing applications submitted digitally by dealerships using Drive Motors' software, which is an e-commerce solution for dealership websites.
"Drive Motors' cutting-edge business model offers dealers a convenient way to allow customers to shop for cars online from local businesses they know and trust, helping consumers feel more confident and in control," said Tim Russi, president of auto finance at Ally. "We're thrilled to work with Drive Motors to be the sole provider of financing to power these digital transactions for dealers across the country."
Drive Motors' software seamlessly integrates as a native part of the dealer's website so it becomes part of the overall online experience. The Drive Motors technology can incorporate the valuation of a trade-in and aftermarket products sales, as well as Ally financing. Customers need to go to dealerships to finalize paperwork and pick up vehicles; some dealerships offer vehicle delivery as well, adding even more convenience for consumers. Drive Motors facilitates over 1,000 vehicle sales a month, nationwide.
"I'm excited to announce our new relationship with Ally Financial, just in time for NADA," said Aaron Krane, CEO of Drive Motors. "Ally shares our obsession with the customer experience, and I'm confident this will '10X' the value for any dealer using Drive Motors."
Dealers who are interested in a demo of the Drive Motors software, can visit the Ally booth (3248C) at the NADA Show in Las Vegas on March 22 through March 25, 2018.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with assets of $167.1 billion as of December 31, 2017. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on "Doing it Right" and being a trusted financial partner for its consumer, commercial, and corporate customers. Ally's award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. Ally remains one of the largest full-service auto finance operations in the country with a complementary auto-focused insurance business, which together serve more than 18,000 dealer customers and millions of auto consumers. Ally's robust corporate finance business offers capital for equity sponsors and middle-market companies. For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
About Drive Motors
Drive Motors builds ecommerce experiences for auto dealerships. For dealerships, Drive Motors offers an online-checkout experience that integrates effortlessly into their own website and showroom, and transforms their dealership into an ecommerce destination. For buyers, Drive Motors offers a simple, end-to-end checkout experience that removes sales pressure from the showroom, and lets people buy at home in their comfort zone. For more information, visit drivemotors.com/dealers and follow them on Twitter, Facebook, and LinkedIn.