New Orleans — Ally Financial and TIME announced that Jeff Teague of Teague Ford Lincoln in El Dorado, Ark. has been selected as the 2014 TIME Dealer of the Year. Teague was selected from a group of 56 U.S. dealers who were recognized at the 97th annual National Automobile Dealers Association (NADA) Convention & Exposition. Tim Russi, president of Auto Finance for Ally, and Moritz Loew, vice president of sales for TIME, announced the winner and finalists during the opening session of the convention.

"This award recognizes the best of the nation's dealers, not only for their business successes, but for their extraordinary commitment in giving back to their local communities," said Russi. "Ally has had the privilege of supporting numerous dealer charitable causes in connection with the TIME Dealer of the Year program, and we are honored to congratulate and recognize 2014 winner Jeff Teague and the finalists for their continued efforts in building better communities."

In its third year as exclusive sponsor, Ally will contribute $10,000 to the winner's 501(c)(3) nonprofit organization of choice, as well as $5,000 to charities selected by each of the three regional finalists. Ally also donated $1,000 to charities selected by each of the 56 dealer nominees.

The three regional finalists for the 2014 TIME Dealer of the Year award are Greg Kaminsky of Toyota of El Cajon in El Cajon, Calif.; David Luther of Luther Westside Volkswagen in St. Louis Park, Minn.; and Marisa Shockley of Shockley Honda in Frederick, Md. All nominees are featured on AllyDealerHeroes.com, which highlights the philanthropic contributions and achievements of auto dealers across the United States.

The TIME Dealer of the Year award is one of the automobile industry's most prestigious and highly coveted honors. Recipients are among the nation's most successful auto dealers who also demonstrate a long-standing commitment to community service.