Ally Financial Inc. has recently been named as the preferred U.S. auto lender of Aston Martin Lagonda Ltd. as part of a move to boost sales. Ally used to be GM’s financing arm. In a statement, the luxury sports car maker said that beginning in late May, American buyers will be able to access Ally’s lease and retail finance program at the brand’s 37 dealerships for all core sports cars.
In this statement, Julian Jenkins, president of Aston Martin’s Americas unit, said that it searched extensively for a financial services provider. He also said that Ally will be able to meet its customers’ high standards. Aston Martin, the sole global luxury-auto brand that doesn’t belong to a bigger group, hopes to increase sales to be more competitive.
Aston Martin has been trying to raise money for research and for development of new models. Daimler AG, which supplies engines and electronics to Aston Martin, revealed last August that it has increased its stake in the sports car brand to 5%.
Last Thursday, the company said that it had gotten an investment amounting to 200 million pounds (or $305 million) to spend on the production of the all-wheel-drive DBX model, its first crossover ever.
Based in Gaydon, U.K., the company said that it aims to increase annual vehicle sales to 7,000 by 2021 from its current sales rate of 4,000 units. The automaker said with this partnership, Ally will provide retail and lease financing, wholesale financing and remarketing, and even exclusive programs through the dealerships.
When interviewed by Bloomberg, Jenkins said that this marks the first opportunity for most customers to buy an Aston Martin via a program that’s supported by a manufacturer. He added that the company finds it “very important” to be on the consideration list for those who want to buy a luxury sports car. He also said that the U.S. accounts for 25% of worldwide sales, making it the brand’s largest retail market.
Aston Martin said that starting monthly lease payments would be lower than $2,300 for the four-door Rapide S, lower than $1,900 for the two- door V12 Vantage S, and less than $1,400 for the V8 Vantage.
Luxury-auto makers look at leases as very important since many of their customers use them. Edmunds.com said that leases made up 55% of premium luxury auto transactions in the U.S., compared with 29% overall.
Ally has been hoping to increase revenue by attracting new clients after General Motors revealed that it will use its own financing unit. A few days ago, the company revealed that in the U.S., it will be the preferred lender for Mitsubishi Motors Corp.