Ally Financial, Ally Financial Inc. (NYSE: ALLY ) was founded in 1919, formerly known as General Motors financial services company (General Motors Acceptance Corporation, abbreviated GMAC Inc.), in May 2010 changed to its present name with headquarters in Detroit, Michigan, USA, with 7,900 full-time employees, is a diversified financial services company that mainly provides a series of financial products and services to US auto dealers and their retail customers.
Ally Financial (ALLY):
Ally Financial Inc. (Ally Financial Inc.) was formerly the General Motors Financial Services Company. It was the financial department of General Motors at that time. It has more than 15 million customers in the world and its business includes auto loans, insurance, housing loans and online direct banking.
Ally Finance is an auto finance service company that provides related financial services and insurance products for auto dealers and their customers, including auto finance, insurance, mortgage loans and other services.
In addition, Ally Financial Inc. also operates Internet banking, provides auto financial services and agency auto sales. Currently, the company has approximately 16,000 auto dealers and 4 million retail customers in the United States, making it one of the largest auto finance companies in the United States.
Ally Financial (ALLY) History:
- Founded in New York, USA in 1919, it currently operates in 40 countries around the world. Its business includes a complete set of financial solutions, including finance, insurance, housing loans, and instalment car purchase services.
- In June 1997, GMAC announced the acquisition of Integon for US$550 million. The transaction was completed in October of the same year. The actual cost was US$778 million. In 2000, Integon became GMAC Insurance Personal Lines.
- On July 27, 1998, General Motors Acceptance Corporation, through its subsidiary GMAC Home Services, Inc., purchased the real estate of Better Homes and Gardens from Meridis, the owner of the registered trademark “Better Homes and Gardens”. General Finance Company then registered the trademark “Better Homes” for a period of time, and continued to operate this part of the real estate franchise business under the name “GMAC Real Estate”.
- On April 3, 2006, General Motors announced that it had agreed to sell a 51% stake in GMAC to a consortium led by hedge fund Cerberus Capital at a price of 14 billion US dollars.
- From 2007 to 2008, when the global financial crisis occurred, General Motors Financial Services had a financial crisis and turned to seek assistance from the US federal government. After receiving assistance (December 24, 2008, the Federal Reserve Commission accepted the GMAC application at the time to transform into a financial holding company to qualify for billions of dollars in aid from the US Treasury Department to ensure this bankruptcy The company’s survivability), ownership was transferred from General Motors to the U.S. government, and transformed into a financial holding company in compliance with the requirements, and was renamed Ally Financial Corporation on May 10, 2010.
- In 2009, American Capital Acquisition Corp., a subsidiary of American Capital Partners LLC, acquired GMAC Insurance Holdings, Inc., GMAC’s US consumer property insurance business (on July 1, 2013, GMAC Insurance was renamed National General Insurance).
- On May 15, 2009, the banking business unit of General Finance Corporation was renamed Ally Bank (Ally Bank).
- In 2010, Ally Financial began to generate surplus, and the net profit in the fiscal year report was $1.075 billion.
- On May 10, 2010, General Finance Corporation changed its name to Ally Finance Corporation.
- In 2011, Ally Financial Corporation began planning to relist.
- On February 28, 2013, Ally Financial sold its loan business to Walter Investment Management Corp.
- On March 28, 2014, according to the latest announcement by Ally Financial, the offer price for the public offering ranged from US$25 to US$28, and the number of shares to be offered was 95 million, all from the U.S. Department of the Treasury. The amount of funds raised was between US$2.38 billion and US$2.66 billion. . If requested by the underwriting syndicate, Washington will sell an additional 14.3 million shares, bringing the maximum amount of funds raised to 3.06 billion US dollars. Taking into account the exercise of the additional allotment rights, the U.S. Department of the Treasury held only 68.1 million Ally shares after the listing.
- On April 10, 2014, Ally Financial Corporation’s common stock was relisted on the New York Stock Exchange under the symbol ALLY.
- In 2015, the company headquarters moved to One Detroit Center, Michigan.