Careers at Ally
Ally Financial provides a range of financing, licensing, and mortgage products and services to automotive dealers and their customers, with a view to facilitating their operations.
Ally Financial’s activities are organised into three reportable business segments:
- Automotive Finance Operations, which provides financing services to consumers and automotive dealers, including retail installment sales financing, loans, and leases, fleet financing, and vehicle remarketing services;
- Insurance Operations, which provides consumer financial and insurance products through its automotive dealer channel, as well as commercial insurance products sold to dealers, including vehicle service contracts, maintenance coverage, and guaranteed asset protection products.
- Mortgage Operations, which is responsible for the management of the Company’s held-for-investment mortgage loan portfolio, and executes bulk purchases of jumbo and low-to-moderate income mortgage loans originated by third parties.
Ally Financial was founded in 1919 by as a unit of General Motors under the name General Motors Acceptance Corporation, operating as a provider of financing to automotive customers. The Company launched its operations with offices in Detroit, New York, Chicago, San Francisco, and Toronto.
Over the course of the 20th Century, Ally Financial expanded its operations and diversified its offerings to include insurance and mortgage products. In 1985, the Company formed GMAC Mortgage, and acquired both Colonial Mortgage and the servicing arm of Norwest Mortgage. It began providing online services in the late 1990s, and was granted approval to establish GMAC Bank in 2000.
In 2006, General Motors sold a 51% stake in Ally Financial to Cerberus Capital Management. The Company was rebranded in 2010, at which time it took on its current name, and in 2014 listed shares on the New York Stock Exchange, raising $2.4 billion in its initial public offering.
Ally Financial is placed 298th in the Fortune 500 list. The Company currently has a market capitalisation of $9.11 billion.
Benefits at Ally
Business model of Ally
Ally Financial provides a range of financial products and services to a broad customer base, which principally comprises customers across the following segments:
- Consumers, providing personal auto finance and leases, business auto finance and lease, and specialty vehicles to general consumers, primarily the customers of its auto dealerships clients;
- Automotive Dealers, providing dealer loans and wholesale inventory financing to various automotive dealerships and sales outlets; and
- Other Commercial Entities, comprising other commercial enterprises to which the Company provides insurance services.
Ally Financial’s three operating segments serve a domestic customer base, with operations across Texas, California, Florida, Pennsylvania, Illinois, Georgia, North Carolina, Ohio, New York, and Michigan accounting for more than 50% of the Company’s automotive and mortgage businesses.
Ally Financial provides value to its customers in the following ways:
- Its technical expertise and experience, with the Company employing highly-trained specialist personnel across its three operating segments, with a team of experienced industry executives;
- Its broad portfolio of products and services, with the Company offering a broad range of financing and insurance options to automotive dealers and their customers across the US;
- Its incentive and rewards programs, with the Company implementing its Ally Dealer Rewards program, which provides various incentives to eligible dealers for selling or using qualifying Ally Financial products and services; and
- Its close relationships with dealer customers, with the Company working closely with its dealer customers, many of which use four or more Ally Financial products, and providing a targeted messaging program that helps dealers communicate readily with their customers.
Ally Financial operates a website at www.ally.com, through which it provides information on its various products, services, and activities. The Company also operates an online dealer portal through its website that allows customers to access certain services, tools, and communications functions. The Company’s auto financing and banking arms also offer online services that enable customers to make payments and manage accounts online, as well as through mobile applications on iOS and Android platforms, over the phone and by post.
Ally Financial also serves its customers through its own network of offices, through which the Company’s specialist sales and service personnel operate. This includes principal corporate offices in Detroit, Charlotte, and New York; primary offices for its dealer financial services operations in Detroit and Southfield; and primary offices for its mortgage operations are located in Fort Washington and Charlotte.
Ally Financial’s dealer customers also serve as an affiliate network, through which the Company is able to provide additional products and services to consumers. This includes more than 17,500 dealers in the US, including close to 11,000 dealers outside of the Company’s General Motors Company and Fiat Chrysler Automobiles dealer channels.
Ally Financial provides its customers a range of self-service offerings across its banking and auto financing units. The Company’s dealer portal enables dealer customers to access certain services and tools without interacting with members of the Company’s sales and support staff. Ally Financial also provides digital channels to consumers, who are able to manage accounts and make payments autonomously online and via mobile.
Ally Financial’s sales and service teams work closely with its dealer customers, working together to serve general consumers, and with the Company providing tools to support dealer operations. The Company seeks to establish longstanding relationships in this way, with a view to recurring long-term recurring business.
Ally Financial provides a range of ongoing support services to its customers. It offers a suite of online resources, such as FAQs and guides, and provides contact details for its various operating units. Customers are able to contact support staff directly and receive personalised responses to queries and enquiries. Customers are also able to interact directly with the Company through its social media accounts, including with Facebook, Twitter, Google+, and YouTube.
Ally Financial operates as a financial holding company and a banking holding company.
The Company’s operations are organised into three business segments: Automotive Finance operations, including the provision of automotive financing services to consumers and automotive dealers; Insurance operations, which offers both consumer financial and insurance products through its automotive dealer network, as well as commercial insurance products directly to dealers; and Mortgage operations, which includes the management of its held-for-investment mortgage loan portfolio and the execution of bulk purchases of income mortgage loans originated by third parties.
The Company also operates a banking subsidiary, Ally Bank, which provides various internet, telephone, mobile, and mail banking market services.
Ally Financial works in conjunction with numerous businesses and organisations across its multiple business segments. These partners include:
- Supplier and Vendor Partners, comprising suppliers of tools, services and resources, as well as companies to which certain non-technical functions can be outsourced;
- Channel and Distribution Partners, principally comprising the Company’s network of dealer customers, through which the Company serves a large consumer base; and
- Strategic and Alliance Partners, comprising various companies and organisations with which the Company shares resources and collaborates on joint projects.
Ally Financial is a preferred lender of General Motors and Chrysler, the dealerships of which serve effectively as affiliates of the Company. The Company has also established an auto financing partnership with Aston Martin and has agreed a deal with Beepi to provide financing for used cars bought online.
Ally Financial’s key resources are its financial resources, its IT and communications infrastructure, its online and mobile platforms, its intellectual properties, its sales and distribution networks, its partnerships, and it personnel.
Ally Financial owns and leases a number of properties across the US, principally corporate and sales offices for its operating segments and divisions. This includes almost 800,000 square metres of office space across Detroit, Charlotte, New York, Southfield, and Fort Washington.
Ally Financial incurs costs in relation to the maintenance of its IT and communications infrastructure, the development and maintenance of its online and mobile platforms, the implementation of advertising and marketing campaigns, the operation of its sales and distribution networks, the payment of professional and vendor fees, the management of its partnerships, and the retention of its personnel.
In 2015 Ally Financial’s largest expense related to the payment of salaries and benefits to its workforce of employees, which amounted to $963 million. Other operating costs – including occupancy fees, professional services, advertising and marketing, technology and communications, and regulatory and licensing fees – totalled $1.51 billion.
Ally Financial generates revenue primarily through the provision of auto financing services, principally in the form finance charges or lease payments and fees paid by customers on the retail contracts and leases. The Company also derives revenue through fees and premiums associated with its insurance, mortgage, and banking services and products.
In 2015 Ally Financial generated total annual net revenue of $4.85 billion, up on the $4.65 billion recorded by the Company in 2014. The majority of the Company’s revenue was attributed to its automotive financing operations, which accounted for $3.66 billion in revenue for the year. Its insurance operations generated $1.09 billion in revenue, with mortgage and other revenue amounting to $212 million.
info: Jeffrey Brown (“Brown”) was named Chief Executive Officer at Ally Financial in 2015. He also serves on the Company’s Board of Directors. Brown first joined Ally in March 2009 and has held a number of senior financial management positions at the Company, including spells as Corporate Treasurer and Executive Vice President of Finance and Corporate Planning, overseeing the Company’s finance, treasury and corporate strategy initiatives. Brown has significant experience of the financial services sector, beginning his career in the industry in the 1980s. He served as Senior Vice President of Security Pacific Capital Corporation from 1987 to 1990, and as Senior Vice President of Bank America Venture Capital Group from 1990 to 1993. He went on to cofound venture capital and private equity firm Forrest Binkley and Brown, where he served as Primary Deal Originator for more than 10 years. Prior to joining Ally Financial, Brown served as Corporate Treasurer at Bank of America.
info: David DeBrunner (“DeBrunner”) has served as Vice President, Controller, and Chief Accounting Officer at Ally Financial since joining the Company in 2007. DeBrunner has worked within the financial and accounting sphere since the 1980s, beginning his career in 1988 at Deloitte, where he served for several years as a senior accountant. In 1992 he joined Fifth Third Banking Group, where he would go on to work for fifteen years before joining Ally Financial. He began as Vice President of Finance and Operations at Fifth Third Leasing Company, before being appointed Vice President and Chief Financial Officer of the company’s Commercial Division in 1999. Prior to joining Ally Financial, DeBrunner served as Senior Vice President and Controller of Fifth Third Bank.
info: Michael Baresich (“Baresich”) has served as Chief Information Officer at Ally Financial since joining the Company in 2012. Baresich has worked within the financial services sector since the 1980s. He began his career in 1984 at Banker Trust, where he went on to work for 15 years, ultimately leaving the Company in 1999 as Managing Director. That same year he was appointed Chief Information Officer at Deutsche Asset Management, a position he held for two years before being named Chief Executive Officer at CoKinetic Systems. Baresich joined Citigroup in 2004, serving initially as Chief Information Officer at Citigroup Asset Management. Prior to joining Ally Financial, Baresich served for seven years as Chief Information Officer at CIT Group.
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