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Equipment Finance News Ally Financial partners with DriveTime Published: 20th February 2018 Share Ally Financial has announced it is to provide up to $750 million for the purchase of retail contracts from DriveTime, the nation’s second largest vehicle retailer focused solely on used vehicles. Under the terms of the agreement, Ally will provide committed financing for the purchase of retail contracts for 12 months. The agreement is designed to support DriveTime’s expansion into the near-prime segment. Tim Russi, president of auto finance at Ally (pictured above), said: “We are excited to work with DriveTime to provide committed financing that frees up capital it can use to grow its business. “Our expertise allows us to support DriveTime in a way that complements our well-established indirect model.” Kurt Wood, chief financial officer of DriveTime, said the relationship with Ally would enable the business to grow originations, diversify its retail and finance platforms and enter into a new consumer segment, while still maintaining “the exceptional customer experience we take pride in delivering”. He said: “We appreciate Ally’s financing agility in implementing an innovative solution to meet our needs.” Pat Sweet Correspondent - Asset Finance Connect Sign up to our newsletter Featured Stories NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance
