Ally Financial

…stimulated sales by establishing the General Motors Acceptance Corporation (GMAC), which allowed dealers to finance their inventory of cars and offer credit and long-term financing to their customers. Raskob’s influence in the company declined, however, after the recession crisis of 1920 and the appointment that year of du Pont as…

Ally Financial, for example, was established as the General Motors Acceptance Corporation (GMAC) in 1919 to purchase automobile accounts receivable from car dealers who were themselves unable to finance time purchases. Many companies in both Europe and the United States continue to specialize in financing…

…and GMAC was later renamed Ally Financial. In addition, GMAC’s mortgage and real estate units were subsequently sold.