May 16, 2009
GMAC to relaunch as Ally Bank
Auto financing firm GMAC says it will rename itself Ally Bank, reflecting its re-launch as a bank holding company in the wake of auto industry woes.
The new name marks the moving away from a GMAC brand that goes back to 1919 when it was established in Detroit as General Motors Acceptance Corp. to help post-World War I consumers purchase their first automobiles, The Wall Street Journal reported.
Ally was chosen as the firm's new name
because it gives the sense of a trusted partner, the attributes we are trying to convey Sanjay Gupta, GMAC's chief marketing officer, told the Journal.
GMAC will use the new image as a way to attract retail deposits, which will be a key funding source during the continuing credit squeeze as it tries to fill an $11.5 billion capital hole, as revealed by bank stress-test results, the newspaper said.