DETROIT -

Announced Monday, Ally Financial has been named the exclusive sponsor of Time Dealer of the Year.

The awards program, which is produced in cooperation with the National Automobile Dealers Association, aims to recognize the nation’s most successful auto dealers who also demonstrate a long-standing commitment to community service.

"Automobile dealers have a tremendous impact on the strength and viability of communities of all sizes around the United States," said Tim Russi, executive vice president of North American Operations for Ally Financial.

"Ally is proud to support these extraordinary dealers who are truly making their communities better places to live and work,” he added.

As part of its ongoing efforts to improve the nation’s communities, the company plans to make a $60,000 contribution to local community causes, and the recipient of the 2012 Time Dealer of the Year Award will recieve $10,000  to donate to a 501(c)(3) nonprofit organization of his or her choice, Ally highlighted.

Moreover, approximately 50 dealers nominated for the award will receive $1,000 to contribute to a qualified nonprofit organization as well.

"By adding this charitable contribution to its commitment of support for the Time Dealer of the Year program, Ally is truly embracing the spirit of this award," said Time worldwide publisher, Kim Kelleher.

"Time is thrilled to partner with Ally, the NADA and dealers across America to continue to recognize the great contribution dealers make to the fabric of their communities each and every day,” she noted.

The 2011 Time Dealer of the Year Award, sponsored by Goodyear Tire and Rubber Co.,  was given to Thomas Castriota, of Castriota Chevrolet in Hudson, Fla., during February’s NADA convention.

NADA noted that Castriota was chosen to represent the Tampa New Auto Dealers Association in the national competition and was one of only 52 nominated dealers from 17,000 that operate nationwide.

Now sponsored by Ally, the awards program is heading into its 43rd year, and the recipient of the 2012 Time Dealer of the Year Award is set to be announced at the NADA Convention and Expo in Las Vegas on Feb. 4.

"We’re pleased that Ally is taking such an enthusiastic role in the Time Dealer of the Year awards program," said NADA chairman, Stephen Wade.

"At the heart of this honor is a celebration of the positive impact dealers have in their respective communities. Ally is to be commended for taking their involvement a step further with additional community support,” he concluded.