Used-car seller Carvana expanded into Virginia last month and has plans to open a dozen more locations by yearend, despite the loss of one of its main lender-partners. GO Financial, which shut its doors in May, had been providing loans to Carvana customers.
Chief Executive Ernie Garcia expects “no disruption” to the financing portion of Carvana’s business, though he declined to elaborate on the retailer’s other financing arrangements. Meanwhile, Carvana opened a dealership in Richmond, Va. — its 14th market — on June 29.
The company continues to allocate budget to “improving the customer experience and increasing geographic expansion,” Garcia said. “We will continue to expand at a similar pace” beyond the dozen locations this year, Garcia said. Carvana is “growing responsibly,” he added, noting that “fast growth is hard because you have to hire great people and train great people, and I think just executing on that is a challenge.”
