DETROIT, May 10, 2018 -- Ally today announced that it has signed an agreement with Sonic Automotive, Inc. (NYSE listed: SAH), a Fortune 300 Company and one of the largest retailers of new & pre-owned vehicles in the United States. EchoPark Automotive launched in the fall of 2014, and has been well-received for a revolutionary used car experience in Denver, San Antonio, and now expanding to the Dallas market. Effective this month, Ally is the provider of vehicle service contracts (VSCs) and guaranteed asset protection (GAP) coverage for the group's EchoPark dealerships in Colorado and Texas.
Through the agreement, EchoPark customers will have the option of adding Ally GAP and Ally Premier Protection service contracts to their purchases. GAP covers the difference between the cash value of a vehicle and the outstanding balance of a customer's loan if the vehicle is totaled or stolen. Ally Premier Protection covers the repair cost for over 7,400 mechanical, electrical and safety components on a vehicle, as well as some related expenses such as trip interruption, rental car coverage, towing and 24/7 roadside assistance.
"With the EchoPark dealerships, Sonic is reshaping the perception and customer experience of pre-owned vehicle dealerships. At Ally, we share that passion for serving the customer and are excited to work with EchoPark to provide additional value and peace of mind with our products,'' said Mark Manzo, president of Ally Insurance.
EchoPark is a pre-owned vehicle dealership focused on customer experience and making it easy to search for, buy and sell pre-owned vehicles. With modern showrooms that are integrated with technology, EchoPark dealerships create a car-buying experience that allows customers to seamlessly transition between the online and in-store shopping experience. Since 2014, EchoPark has expanded to eight dealerships in Colorado and Texas, with additional locations opening later this year.
"Exceptional customer experience and satisfaction are what EchoPark was founded on, and Ally's dedication to the customer is an excellent match for our dealerships," said Jeff Dyke, executive vice president of Operations of Sonic. "We look forward to working with Ally to offer F&I products that will provide customers with great value and the peace of mind that comes with knowing their vehicles are protected."
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with assets of $170.0 billion as of March 31, 2018. 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.
To learn more about EchoPark please visit EchoPark.com
Brenda Rios, Ally