Ally Financial is a U.S.-based digital bank and auto finance lender with $196B in total assets. The core business is automotive finance, where Ally works with roughly 22,000 dealers nationwide, offering consumer auto loans and leases, commercial floor plan financing (loans to dealers against their vehicle inventory), insurance products, and SmartAuction, a used vehicle remarketing platform. Ally originates auto loans indirectly — dealers originate loans with customers and sell those contracts to Ally — processing roughly $120-125B in annual application volume and originating $43.7B in consumer loans in FY25. Ally Bank, a direct digital-only bank, funds this lending through $151.6B in retail deposits from 3.5 million customers. Ally also runs a smaller but profitable Corporate Finance segment, lending to middle-market and private equity-sponsored businesses through primarily senior secured, floating-rate loans. Ally's core business model is spread-based: Ally earns a net interest margin between the yield on auto and corporate loans and the cost of its deposit funding. Ally originated retail auto loans at roughly 9.6-9.8% yields in FY25 and funds itself with retail deposits priced below 4%. Management's return thesis centers on NIM expansion toward the "upper threes" percent range, retail auto net charge-offs below 2%, and disciplined expense management to drive mid-teens return on tangible common equity. Ally has recently simplified the business by exiting its credit card portfolio, point-of-sale lending, and consumer mortgage originations.