Ally Financial’s drive into online car finance market

Ally Financial is to offer consumer auto financing products for vehicles purchased via Beepi, a new online platform for buying and selling cars, after research found the mindset of American consumers is shifting around online vehicle purchases.

Ally auto financing products will be available to Beepi customers on nearly all makes and models. The lender said recently released results from a survey conducted by Harris Poll on behalf of Ally found that more than one in four Americans (27%) said they have purchased or would consider purchasing a car online, and almost half (47%) 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%), browsing a large selection of vehicles (63 %), and applying for and securing financing (32%t).

“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.

Launched in 2014, Beepi is now fully operational in 15 major metropolitan areas across the US.