Ally and Mobiliti to Propose Auto Financing and Remarketing Solutions to Dealers Who Use the Vehicle Subscription Service
Offerings aim to help dealers maximize opportunities with new vehicle subscription model
Apr 6, 2018
DETROIT, April 6, 2018 -- Ally Financial Inc. and Mobiliti today announced that they are exploring options for a suite of offerings focused on Mobiliti and its participating dealers' needs. Services would include Ally fleet financing for qualified dealers who use Mobiliti's vehicle subscription services, and the option for dealers to remarket returned vehicles using Ally's wholesale, digital auction site, SmartAuction.
Mobiliti is an app-based subscription service that connects drivers who want flexibility with dealers who can provide desirable vehicles. A monthly Mobiliti subscription includes the vehicle, maintenance, warranty, insurance and roadside assistance.
"Mobiliti offers consumers flexibility and choice in vehicles, while also helping dealers maximize their inventory and reach customers who want a different car driving experience," said Tim Russi, president of auto finance for Ally. "We're excited to work with Mobiliti to help lead the way as car ownership evolves to meet changing demands in the market."
For consumers who may want to buy or lease the vehicle at the end of the subscription period, Ally and Mobiliti are exploring opportunities to integrate Mobiliti with financing opportunities available through Ally's Clearlane platform. Ally launched Clearlane, a digital financing platform, in April 2017 to digitally connect consumers with finance providers who can provide vehicle financing quickly and easily.
"Our goal is to create a model that gives consumers the flexibility they want and provides dealers with a subscription model that captures the value they offer consumers in service and delivery," said Chance Richie Founder and CEO of Mobiliti. "Our relationship with Ally, a national leader in auto finance, provides the flexibility we need to best serve consumers and dealers as we roll out this unique business."
How Mobiliti Works
Consumers must download the Mobiliti app to their phones to view the auto inventory available for a subscription. Mobiliti's subscription inventory includes cars, trucks and SUVs from a broad range of manufacturers. The vehicles are provided by and serviced by a network of dealerships Mobiliti selects based on consumer satisfaction, inventory, size and service capabilities. After consumers have selected their vehicles, they go to their selected dealership and take delivery.
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.
Mobiliti is the first vehicle subscription service to partner with a variety of dealers to provide consumers with simple, flexible, cost-effective month-to-month access to a wide variety of vehicle makes and models. One monthly fee includes insurance, maintenance, warranty and roadside assistance. For more information visit www.Mobiliti.com.