Carvana tightens credit as wholesale profits drop 60% | Auto Finance News | Auto Finance News

Carvana tightens credit as wholesale profits drop 60%

Photographer: Laura Buckman/Bloomberg

Carvana has pumped the brakes on its stand-alone consumer vehicle purchase program and tightened credit standards for originations, Chief Executive Ernie Garcia III said on the company’s first-quarter earnings call. As the coronavirus economy has halted consumer demand, vehicle values have dwindled to a three-year low, according to Manheim’s used-vehicle value index, and squeezed Carvana’s […]

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