Ally Financial Inc. has begun offering auto loans and F&I products to online used-vehicle buyers through a partnership with TRED. The move is the latest in Ally's continual effort to boost its digital presence, according to Doug Timmerman, president of Ally Insurance, who told Automotive News to expect more initiatives soon, without elaborating.
TRED is an online portal that connects car buyers and sellers. For now, Ally is the sole indirect lender and F&I product provider on the platform. TRED has dealership licenses in the states where it operates: Washington, Oregon and soon California. Like a traditional dealership, TRED sells the retail installment contracts to Ally. Other dealerships can participate as buyers, but not sellers. TRED also has a direct lending relationship with Autopay.
Ally began accepting financing applications through TRED in April. It will start offering Ally Premier Protection vehicle service contracts and GAP policies within the next two months.
"Ally's new relationship with TRED expands our digital presence and brings trusted financing and insurance products to its customers at the point of purchase," Timmerman said in a statement. "As a leader in the industry, our goal is to add value for auto consumers by offering products and services that fit their needs and shopping preferences -- whether they choose to purchase at a dealership, or through an online marketplace like TRED."