AUBURN HILLS, Mich. — Chrysler announced today that it has selected Ally Financial as the preferred financing provider for Fiat vehicles in the U.S.

Ally plans to provide retail financing, leasing, wholesale financing, working capital and facility loans, in addition to remarketing services for the soon-to-be established Fiat dealer network.

"This relationship will help dealers fund their new stores and inventory while giving Fiat customers the opportunity to obtain retail financing through a trusted company," explained Fred Diaz, president and chief executive officer of Ram Truck brand and lead executive for U.S. sales.

Chrysler is currently reviewing proposals submitted by dealers who would like to secure a Fiat franchise. Initially, the company has plans for 165 Fiat stores in the U.S., and has expectations of releasing the official dealer list this month.

Tim Russi, executive vice president of North American Operations for Ally Financial, added, "The Fiat 500 is a strategic new entry to the North American market, and we are proud to support Fiat dealers and their customers with financing and related services.

"As the first step, Ally Financial is accepting applications for wholesale credit lines from dealers who are awarded a Fiat brand franchise. At Ally, we know our primary role is to help dealers buy and sell more vehicles," he concluded.