Ally Financial, Inc. history, profile and corporate video
Ally Financial, Inc. is a financial holding company headquartered in Detroit, Michigan, United States. It was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.
In 1939, the Motors Insurance Corporation was founded, and the company entered the vehicle insurance market.
In 1985, GMAC formed GMAC Mortgage.
In 1998, the company formed GMAC Real Estate.
In 2000, GMAC formed GMAC Bank.
In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.
In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings (its real estate division renamed Capmark) to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners. GMAC Real Estate was sold to Brookfield Asset Management.
In December 2008, the Federal Reserve System (the central banking system of the United States of America) accepted the company’s application to become a bank holding company.
In May 2009, GMAC Bank was rebranded as Ally Bank.
In May 2010, General Motors Acceptance Corporation (GMAC) re-branded itself as Ally Financial.
In 2012, the company sold its Canadian banking operations to Royal Bank of Canada.
The company operates through the following business segments: Banking, Dealer Financial Services, Home, Investing, Corporate Finance, and Ally Lending.
The Banking segment provides banking products including savings, money-market, checking, certificates of deposit (CDs), and others.
Dealer Financial Services
The Dealer Financial Services segment involves independent financing, leasing, commercial insurance, and vehicle protection products.
The Home segment offers fixed and adjustable-rate home loans and consistently competitive rates.
The Investing segment involves a range of self-directed and managed portfolio products, as well as low fees to help manage their investments.
The Corporate Finance segment provides a source of capital for equity sponsors and middle-market companies.
The Ally Lending segment involves lending solutions that give consumers the option to pay overtime for healthcare, home improvement, auto servicing, and auto modification services.
With more than 9 500 employees, Ally Financial, Inc. is considered one of the largest car finance companies in the U.S. and one of the largest banks in the U.S. by assets. According to Forbes, it is considered one of the top 2000 largest public companies in the world.
*Information from Forbes.com, Wikipedia.org, and www.ally.com.
**Video published on YouTube by “Ally“.