Our History

  • 2010

    • Company renamed Ally Financial.

  • 2009

    • Entered into agreement with Chrysler, LLC to provide automotive finance service and products to Chrysler dealers and customers.
    • Ally Bank launched.

  • 2008

    • Approved as a bank holding company under the U.S. Bank Holding Company Act.

  • 2007

    • SmartAuction reaches another milestone in its service to auto dealers, hitting two million in online remarketing sales.

  • 2005

    • Official launch and initial funding of a new parent holding company for its mortgage business, Residential Capital, LLC (ResCap), a global real estate finance business.
    • Semperian becomes a subsidiary.

  • 2004

    • SmartAuction records 1 millionth sale, cementing its position as one of the nation's leading wholesale used-vehicle auction websites.

  • 2001

    • $1 trillion of financing for 150 million cars and trucks around the world.
    • Mortgage business forms the International Business Group (IBG), expanding operations to Europe and Latin America.

  • 2000

    • Automotive finance business launches SmartAuction, an Internet-based remarketing channel.

  • 1999

    • Purchase of Bank of New York's asset-based lending and factoring business unit creates GMAC Commercial Finance Group.
    • DiTech Funding Corporation (now known as Ditech, LLC) established.

  • 1985

    • 100 millionth vehicle financed.
    • First-ever annual earnings of $1 billion.
    • Mortgage business founded.

  • 1977

    • 75 millionth vehicle financed.

  • 1958

    • 40 millionth vehicle financed.

  • 1939

    • Motors Insurance Corporation (MIC) forms.

  • 1920

    • Automotive finance business expands to Great Britain.

  • 1919

    • Branches open in Detroit, New York, Chicago, San Francisco, and Toronto.

The company was renamed Ally Financial in 2010, although it was founded in 1919 as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Since then, the business has expanded to include insurance, online banking, mortgage operations and commercial finance.  See the timeline to trace Ally's evolution.