Q3 Ally Car Loan Applications Down But Value Unchanged
CEO acknowledges that greater market woes may be on the horizon.
Applications down 3.4% year-over-year, but dollar value remained at $12.3 billion.
IMAGE: Getty Images/i_frontier
Ally Financial got fewer auto loan applications in the third quarter but the same finance-origination value of $12.3 billon, the Detroit-based financial services provider reported.
The loan originations total dollar amount was the highest for the third quarter since 2006, it said.
Applications finished the quarter at 3.1 million, down 3.4% year-over-year.
“Our Dealer Financial Services business demonstrated the benefits of scale and deep relationships,” said Ally CEO Jeffrey Brown, who acknowledged murky waters continue to bedevil the industry.
“While we remain focused on delivering solid results each quarter, we’re actively monitoring the uncertainty which lies ahead. The specific path the economy will take over the next few quarters is unclear, but Ally has an incredibly strong foundation in our people and businesses.”
READ MORE: Automotive Industry Remains in Unchartered Waters
Originally posted on F&I and Showroom
More Dealer Ops
Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →