Ally exits RV, transportation equipment finance to focus on core operations
The company said, "To leverage its strengths, better optimize capital allocation, and provide even more focused dealer support, Ally Financial is taking strategic actions that will enable it to concentrate more on its core business operations. The renewed focus on its core strengths is at the heart of its recent decision to exit both the Transportation Equipment Finance and the RV Commercial and Consumer lines of business...Ally RV dealers were notified of the decision earlier in August, with commercial dealers being notified personally...Ally is continuing to service consumer retail contracts, but will notify them if there are any changes. Ally's Commercial Services Group, which finances and leases commercial vehicles from small cars to heavy duty trucks, is not affected by these changes and remains a vital component of Ally's value to a growing number of dealers in the space. Transportation Equipment Finance covers marine vessels, airplanes, rail cars and other non-vehicle assets that are originated directly with the customer. This decision to exit the RV and Transportation Equipment Finance lines of business had nothing to do with projections for either industry."