DETROIT -- Ally Financial's first-quarter used-vehicle originations made up more than half of its auto portfolio for the fifth-straight quarter, the lender said Thursday. Total auto originations dipped, driven by a decline in new-vehicle originations.
Used-vehicle originations climbed 8.3 percent to $5.2 billion, comprising 56 percent of Ally's auto portfolio in the first quarter. Last year, used-vehicle originations made up half of the portfolio.
Total originations fell 3.2 percent to $9.2 billion, driven mostly by declines in new-vehicle and lease originations, Ally, one of the top auto lenders in the U.S., said in a statement.
Ally CFO Jenn LaClair told investors that used-vehicle originations helped offset the impact of lower new-vehicle sales.
"We've been mindful of auto ecosystem shifts and built an adaptable platform that positions our franchise for the long term," LaClair said. "At the dealer level, we aligned with trends in the used category, where momentum has continued to build."
Ally's active dealer customers grew 3 percent to 18,000, which drove 3.2 million loan and lease applications, up 9 percent from the year earlier and Ally's highest level ever.