DETROIT—Ally Financial Inc. (Ally) has been named the exclusive sponsor of TIME’s 43rd Dealer of the Year awards program. As one of the automobile industry’s most prestigious awards for new car dealers, recipients are among the nation’s most successful auto dealers who also demonstrate a long-standing commitment to community service.

The TIME Dealer of the Year awards program also is produced in cooperation with the National Automobile Dealers Association (NADA). The recipient of the 2012 national TIME Dealer of the Year Award will be announced at the NADA Convention and Expo in Las Vegas on Feb. 4.

“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, 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.”

Ally announced that it will make $60,000 in charitable contributions to local community causes, while also giving the recipient of the 2012 TIME Dealer of the Year Award $10,000 to donate to a 501(c)(3) nonprofit organization of their choice. In addition, approximately 50 dealers nominated for the 2012 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 Kim Kelleher, TIME worldwide publisher. “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.”

Stephen Wade, NADA Chairman, added: “We’re pleased that Ally is taking such an enthusiastic role in the TIME Dealer of the Year awards program. 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 its decision to support so many dealers by making significant contributions to their charities of choice.”