Ally Financial Ipo Date

Ally financial ipo date

thanks for visiting cnnmoney.

American financial services company

Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and an electronic trading platform to tradefinancial assets.

Ally is ranked 19th on the list of largest banks in the United States by assets, is the largest car finance company in the U.S. by volume,[2] and serves over 6 million customers.[1] Via its SmartAuction online marketplace for auto auctions, launched in 2000, the company has sold more than 5 million vehicles, including 281,000 vehicles sold in 2018.[1][3]

The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010.


The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers.

Best place to follow cryptocurrency news

In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.[4]

In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio.[5]

In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme.[6]

In 1998, the company formed GMAC Real Estate.[4] In 1999, GMAC Mortgage acquired Ditech.[7] In 2000, the company formed GMAC Bank, a direct bank.[4] In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.[4]

In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm.

Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings, its real estate division that was renamed Capmark, to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners.[8]GMAC Real Estate was sold to Brookfield Asset Management.

In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway.[9]

On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company.[10] In January 2009, the company shut down Nuvell Financial Services, its subprime lending division.

Ally financial ipo date

As a result of losses in GMAC ResCap, the United States Department of the Treasury invested $17.2 billion in the company in 2008–2009. The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment.[11]

In May 2010, GMAC re-branded itself as Ally Financial.[12] In September 2010, the company sold its resort finance business to Centerbridge Partners.

In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion.[13] In April 2014, it became a public company via an initial public offering.[14] In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center.[15] In June 2016, the company acquired TradeKing, a stockbrokerage, for $275 million, which was re-branded as Ally Invest.[16]

In 2016, the company moved more than 1,500 employees to 13 floors of Ally Detroit Center.[17] In 2017, Ally signed a lease for 400,000 square feet at the Ally Charlotte Center in Charlotte, North Carolina, scheduled to be completed in 2021, and will move its offices from 440 South Church.[18]


The company sponsors the Miami International Auto Show[19] and the Time Magazine Quality Dealer Award.[20]

In 2019, Ally became the primary sponsor for seven-time NASCAR Cup Series champion Jimmie Johnson at Hendrick Motorsports.

As GMAC, the company previously had primary sponsorships with Hendrick Motorsports from 1998 through 2007 with drivers Jack Sprague, Ricky Hendrick, Brian Vickers and Casey Mears, including Vickers' 2003 NASCAR Busch Series championship victory.[21] On October 4, 2019, Ally extended its sponsorship of the No.

Quick Links

48 team for three more years through the 2023 season.[22][23]

Ally is also the primary sponsor for the new MLS team in Charlotte, NC starting play in 2021.

Legal issues[edit]

2013 discrimination settlement[edit]

In December 2013, the Consumer Financial Protection Bureau (CFPB) and United States Department of Justice ordered the company to pay $80 million in consumer monetary damages and $18 million in civil penalties after determining that 235,000 minority borrowers paid higher interest rates for auto loans originated between April 2011 and December 2013 because of the company’s discriminatory pricing system.

The higher rates resulted from the company's specific policy of allowing dealers to charge, at their discretion, a “dealer markup” above Ally's established "buy rate" and then compensating dealers based on the markup. Ally provided an incentive for dealers to charge higher rates, which disproportionately affected minority borrowers, in violation of the Equal Credit Opportunity Act.[24][25]


External links[edit]

  1. ^ abc"Ally Financial 2018 Form 10-K Annual Report".

    U.S. Securities and Exchange Commission.

  2. ^Wack, Kevin (January 30, 2018). "Ally makes gains in auto lending as other banks retreat". American Banker.
  3. ^"SmartAuction Announces 5 Millionth Vehicle Sale" (Press release).

    Ally Financial Announces Date of 2020 Annual Meeting of Stockholders

    PR Newswire. October 7, 2015.

  4. ^ abcdWarren, Elizabeth (March 10, 2010). "Unique Treatment of General Motors Acceptance Corp. (GMAC) Under the TARP".

    How to get rid of emotions in trading binary

    Congressional Oversight Panel.

  5. ^Gruber, William (March 14, 1985). "Gmac Buying Mortgage Portfolio". Chicago Tribune.
  6. ^Potts, Mark; Brown, Warren (April 18, 1992).


  7. ^Strickland, Daryl (March 23, 1999). "DiTech Funding to Be Bought by GMAC Mortgage".

    Navigation menu

    Los Angeles Times.

  8. ^"GENERAL MOTORS ACCEPTANCE CORPORATION Form 8-K" (Press release). U.S. Securities and Exchange Commission. March 23, 2006.
  9. ^"Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release).

    Business Wire. December 11, 2009.

  10. ^Dash, Eric; Bajaj, Vikas (December 24, 2008). "Fed Approves GMAC Request to Become a Bank".

    Related Symbols

    The New York Times.

  11. ^"U.S. Treasury Sells Ally Financial Stake; No More Government Motors".

    Ally financial ipo date

    Forbes. December 31, 2014.

  12. ^"GMAC Posts Profit, to Change Name to Ally".

    Our History

    CNBC. Associated Press. May 3, 2010.

  13. ^"Royal Bank buys online savings bank Ally for $3.8B". CBC News.

    SEC Filings

    October 23, 2012.

  14. ^"Ally Financial Announces Pricing of Initial Public Offering" (Press release). PR Newswire.

    Ally financial ipo date

    April 9, 2014.

  15. ^Shepardson, David (March 31, 2015). "Ally Financial moving to One Detroit Center". The Detroit News.
  16. ^Burns, Hilary (May 12, 2017). "TradeKing transformation complete after acquisition by Ally". American City Business Journals.
  17. ^Roberts, Adrienne (April 14, 2016).

    From bailout shame to the IPO game.

    "Ally Financial Relocates to Renovated, Renamed One Detroit Center".

  18. ^Portillo, Ely; Roberts, Deon (September 20, 2017).

    "Ally Bank leasing Crescent Communities' new Tryon Place tower".

    Zito Likes Ally Financial on Private Market Ahead of IPO

    The Charlotte Observer.

  19. ^Hannah, Sampson (October 14, 2014). "Ally Financial new sponsor for Miami International Auto Show". Miami Herald.
  20. ^"Ally Renews Exclusive Sponsorship of TIME Dealer of the Year Through 2021" (Press release).

    PR Newswire. July 22, 2015.

  21. ^Utter, Jim (October 28, 2018). "Jimmie Johnson finds new sponsor in Ally Financial for 2019 season".

    1920s – 1930s

  22. ^"Ally Financial extends full-season primary sponsorship of Hendrick Motorsports". Hendrick Motorsports. October 4, 2019. Retrieved October 5, 2019.
  23. ^"Ally signs three-year, full-season sponsorship extension with Hendrick".

    Ally financial ipo date

    NASCAR Digital Media, LLC. October 4, 2019. Retrieved October 5, 2019.

  24. ^"CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing" (Press release).

    Ally Financial

    Consumer Financial Protection Bureau. December 20, 2013.

  25. ^Ficklin, Patrice (January 29, 2016). "Harmed Ally borrowers have been sent $80 million in damages".

    Is it too late to pick up cryptocurrency

    Consumer Financial Protection Bureau.