Ally Financial Inc. said it will rebrand its GMAC consumer- and dealer-related auto finance operations in North America as Ally, continuing to phase out its old name.
Ally, formerly GMAC Inc., took the Ally name in May, and the auto-finance changes are expected to take effect in August. It renamed its banking operations Ally more than a year ago.
The company has tried to dissociate itself with the GMAC brand. Its president, Bill Muir, said Tuesday that "the move to the Ally name allows us to invest in a brand that we own and can build upon for the long term." GMAC struggled mightily during the recession, taking $16.3 billion in bailout funds from the government.
The company said that in connection with the auto-finance rebranding, it will implement streamlining efforts and simplify customer service.
GMAC, which originally was wholly owned by General Motors Co., is majority owned by the U.S. government. The company provides financing for GM and Chrysler Group LLC dealerships as well as their customers.
In May, Ally posted a quarterly profit, its first time in the black since 2008. It cited asset-sale gains, higher income from loans it extended relative to its borrowing costs and lower loss reserves.
