September 29, 2020

McLaren will no longer lease through Ally

McLaren North America is making a change to its retail operations.

The British exotic automaker said that as of Tuesday it had terminated its leasing business relationship with Ally Financial.

“After more than four years of successfully growing this aspect of the business together, McLaren has elected to explore other opportunities in this area of finance to continue to grow its North American business and better support both our retailers and customers,” a McLaren spokesman said in an emailed statement. “Ally Financial will continue to support other aspects of retail financing to McLaren customers and we expect to announce new leasing arrangements shortly.”

Before Ally, McLaren’s leasing business was handled by Putnam Leasing.

McLaren has 24 retailers throughout the U.S. and three in Canada.

The automaker began U.S. sales of its hand-built supercars late in 2011, and North America quickly became the brand’s largest global market.

McLaren sold around 1,750 vehicles in North America last year, the spokesman said, noting that the automaker does not disclose how many sales are leases. Vehicles start at around $200,000, while some limited-run models start beyond the $1 million mark.

McLaren’s lineup has seen rapid expansion thanks to its Track25 business plan. Launched in July 2018, Track25 called for 18 new models or derivatives by 2025. However, the COVID-19 pandemic is slowing down that rollout, CEO Mike Flewitt said in May.