More Contacts Dealer Services, corporate finance, press, investor relations, mailing addresses and more. The invention of the assembly line changed the way the auto industry did business.
To keep factories running smoothly, manufacturers needed auto dealers to buy vehicles in large quantities. In , we opened our doors as GMAC, a division of GM, to help dealers finance and maintain their inventory and keep up with consumer demand.
We made it convenient for customers to get financing right at the dealership. During the Great Depression, car manufactures began segmenting vehicles by cost, from low-price to luxury models. We introduced this pricing concept to the public with our slogan "A car for every purse and purpose. During World War II, we helped support the war effort as the financing arm of GM, which supplied the Allies with submarine engines, airplanes, trucks and tanks. Back home, we helped financially troubled railroads stay in business by renting and financing locomotives.
In the s, we diversified and worked with participating household appliance retailers and extended financing to customers who couldn't afford to buy a refrigerator, washer or stove outright.
Americans' love for cars was on the rise during the golden years of automobile design. With our slogan, ''Enjoy financing where you buy,'' more people took advantage of getting the car they wanted and the financing they needed at the same place. In we introduced "Buying cars on time" with our Time Payment Plan and gave over 2 million customers more options to finance a vehicle with a payment plan that fit their budget.
As car manufacturers pushed innovation and style, auto prices rose and insurance became an increasingly important part of our products and services offering.
Our Motors Insurance Corporation provided dealers with physical damage coverage to protect the vehicles they sold, and in the mid s we became the first insurance company to offer comprehensive coverage to dealers' customers.
In , we introduced mechanical coverage for new vehicles and for certain used vehicles. We also made our initial offering of mortgage products, helping thousands of Americans become homeowners. In the late s, we purchased The Bank of New York's lending unit. This led to the creation of our Corporate Finance division that soon became one of the most trusted sources of capital for equity sponsors and middle-market companies.
During one of the most significant economic downturns our country experienced, we were tested like many other financial services companies. For us, it was an opportunity to review our business model, define our competitive advantages and build on our strengths. The world didn't need another bank — it needed a better one. We decided to make a stand on our commitment to customers and put our promise in our name. So we transformed our banking subsidiary into Ally Bank on 3 simple principles: do right, talk straight and be obviously better.
As an online bank without physical branch locations, we were able to offer greater value with consistently competitive rates and convenient around-the-clock support when our customers needed it. In , we rebranded as Ally Financial and transformed our auto finance business into Ally Auto — a premier independent finance provider offering dealers of many vehicle makes, including RVs, the most comprehensive suite of products and services available. With our transformation complete, we became a publicly traded company with a diverse mix of investors in Some of the factors that may cause actual results or other subsequent events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form K and other SEC filings.
We do not undertake to update any information, including any forward-looking statement, to reflect the impact of events, circumstances, or results that arise after the date that the information was communicated.
Any non-GAAP financial measures should not be viewed in isolation from, or as a substitute for, results reported according to generally accepted accounting principles GAAP. All information on this Investor Relations site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.
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