McLEAN, VA - The National Automobile Dealers Association (NADA) announced that Ally Financial will utilize vehicle pricing information from the NADA Used Car Guide when underwriting consumer auto contracts in 38 states. The change is effective immediately.
Ally Executive Vice President of North American Operations Tim Russi said the move is designed to help dealers sell more used vehicles and build on the companyâ€™s success as a leading provider of financing in the new vehicle market.
"The NADA Used Car Guide is an industry leader and part of our strategy to significantly grow our market share in the used segment," Russi said. "Dealers in a large part of the country have told us that they look to the NADA Used Car Guide as their preferred source for used vehicle valuations and we're pleased to add it to the resources we use in our underwriting."
Mike Stanton, NADA vice president and chief operating officer of NADA Used Car Guide, said dealers across the country will welcome Ally's decision because of NADA's extensive market share in the industry and its longstanding relationships with the lending community.
"The outlook for used-car and truck sales remains strong this year and we feel that the NADA Used Car Guide can help lenders like Ally meet their growth objectives as market demand continues to build," said Stanton. "NADA is widely recognized by lenders as a trusted source of vehicle pricing information for consumer auto loans and we're pleased to be able to offer Ally our expertise."