This is a good time to buy a car—new cars and used ones, too. Dealer lots are overstocked, and there aren’t many shoppers kicking the tires in showrooms these days.
No one knows that better than Jeffrey Brown, CEO of Ally Financial. Ally is one of the biggest auto lenders in the U.S. The giant bank handles auto financing for more than 4 million consumers. It’s been in business for nearly 100 years under the GMAC name—General Motors Acceptance Corporation. It was rebranded as Ally Financial in 2009 when GM spun off the unit during the financial crisis.
Speaking to Fortune’s Susie Gharib, Brown says that used cars are the one bright spot in the auto market these days. “The used car market remains very attractive. Very strong,” he says. “It’s almost three times the size of the new car market and about 50 percent of the business we do today is in the form of used.”
So it’s not surprising that automakers are offering special incentives and deep discounts to shoppers interested in getting a new car. And even with all the bargains, Brown says it still makes sense to negotiate better deals.
“The reality I think is dealers know that they’re going to have to negotiate prices down. That’s part of the normal buying process,” says Brown. “And I’d still say it holds true, last day of the month, it’s still a pretty attractive time for consumers to go inside a dealership and get the best deal.”
