Ally to finance vehicles purchased through online auto marketplace Beepi

Survey finds a notable number of consumers would consider purchasing a vehicle online

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Dec 16, 2015, 10:00 ET

DETROIT, Dec. 16, 2015 /PRNewswire/ -- Ally Financial today announced that it will offer consumer auto financing products for vehicles purchased on Beepi, a new way to buy and sell cars online. Beepi, which launched in 2014, uses technology to make the car buying process simple, trustworthy and even fun for its customers, who are able to conduct transactions online or via smartphone. Ally auto financing products will be available to Beepi customers on nearly all makes and models.

The addition of Ally auto financing products to Beepi's marketplace comes as the mindset of American consumers is shifting around online vehicle purchases. Recently released results from a survey conducted by Harris Poll on behalf of Ally found that more than one in four Americans (27 percent) said they have purchased or would consider purchasing a car online, and almost half (47 percent) think that purchasing cars online will become mainstream in the future. Additionally, respondents noted that the following aspects of purchasing a car would be more appealing to do online: comparing prices of different vehicles (70 percent), browsing a large selection of vehicles (63 percent), and applying for and securing financing (32 percent).

"At Ally, we realize the way consumers are shopping for and purchasing vehicles is evolving and we're able to leverage our inherent digital capabilities to support this shift," said Tim Russi, president of auto finance at Ally. "As a leader in the industry, Ally is well-positioned to provide a range of financial products to auto consumers, whether they purchase a vehicle at a traditional auto dealership, or through an online marketplace like Beepi."

Through Beepi, qualified customers across the credit spectrum are presented a finance option from Ally. Upon acceptance, the consumer finalizes the transaction with Beepi and completes their purchase.

"We are pleased to be working with Ally, a leader in the auto finance industry, to bring the Beepi promise of transparency and value to more consumers," said Beepi chief executive officer, Ale Resnik. "Beepi has never been business as usual. We've changed the ways cars are bought and sold. Now we're changing the way cars are financed."

Ally and Beepi are also exploring other opportunities to expand their relationship. Ally offers a full spectrum of financial products and services, such as leasing, insurance, remarketing, and used vehicle inventory.

Beepi is now fully operational in 15 major metropolitan areas across the U.S. Only 18 months after the company's launch, nearly 40 percent of Americans can buy or sell Beepi cars. To learn more about Beepi, please visit www.Beepi.com.

About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Corporate Finance unit provides financing to middle-market companies across a broad range of industries.

With approximately $156.1 billion in assets as of Sept. 30, 2015, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.

Contact:

Sari Martin
Ally Financial
(646) 781-2539
[email protected]

SOURCE Ally Financial