Ally Financial is prepping a $408 million securitization of dealer floorplan financing.

Citibank is the lead underwriter.

Fitch Ratings has assigned preliminary ‘AAA’ ratings to the senior $300 million tranche, which benefits from credit enhancement of 27.5%. It will not rate the rest of the deal, dubbed Ally Master Owner Trust Series 2013-3.

The deal is backed by credit lines made by Ally Bank  to retail automotive dealers franchised by General Motors Company, Chrysler Group LLC and other original equipment manufacturers.

Fitch said that receivables have a high percentage of floorplan loans backing new vehicles (88.8%) and strong aging distribution, with only 5.4% of inventory aged past 270 days. The receivables are geographically diverse.

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