4 components of Ally’s enhanced relationship with CarLotz
Ally Financial already forged relationships with companies that might be considered non-traditional used-vehicle entities, like Carvana and Vroom.
On Thursday, Ally added consignment-to-retail used-vehicle marketplace CarLotz to its client portfolio.
According to a news release, Ally and CarLotz entered into a multi-faceted strategic relationship that includes consumer and inventory financing, remarketing and additional finance and insurance offerings for CarLotz’ vehicle buyers.
The companies said Ally’s new financing and expansion of its strategic relationship with CarLotz will support CarLotz’ continued growth and national hub rollout.
The new, expanded relationship between CarLotz and Ally will provide a number of key benefits to CarLotz and its customers, including:
• Enhanced financing options
• Remarketing opportunities
• A streamlined financing transaction process
• Additional F&I product offerings
“CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for customers,”, CarLotz co-founder and chief executive officer Michael Bor said in the news release. “This expanded strategic relationship with Ally is one more way to support our national growth efforts while providing customer service like never before in this category.
“We’ve been working with top-notch teams from Ally for years and we view this expanded strategic relationship as a valuable next step in our work together,” Bor continued.
CarLotz recently made several growth announcements including its newest hub location in Nashville, Tenn., expansion to the West Coast with an opening in the Seattle area, a second location in Florida and the completion of its business combination with Acamar Partners Acquisition Corp.
In January, CarLotz began trading on the Nasdaq Global Market under the ticker symbol “LOTZ.”
And now CarLotz has an enhanced connection with Ally.
“We’ve built a strong relationship with the CarLotz team over several years in the consumer financing and remarketing space and we’re excited to see it expand to include inventory financing and Ally’s F&I products to help customers protect their vehicles,” said Doug Timmerman, president of auto finance at Ally Financial.
“As CarLotz works to reimagine the consumer used car buying experience, the Ally team is committed to leveraging our extensive automotive experience to help support their national growth,” Timmerman continued.
And Bor added one more point about the connection with Ally.
“Our relationship with Ally exemplifies how we strive to advance the industry by combining the power of nationwide growth with our ability to put value back into the hands of our customers,” Bor said.