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Home » Under the Hood: DriveTime unlikely to absorb faltering Carvana

Under the Hood: DriveTime unlikely to absorb faltering Carvana

Clock is ticking to find a solution for ailing retailer

Marcie BellesbyMarcie Belles
January 29, 2024
in Risk Management
Reading Time: 4 mins read
0
A logo at a Carvana Vending Machine location in Novi, Michigan, U.S., on Wednesday, Nov. 3, 2021. Hertz Global Holdings Inc., fresh off a blockbuster order for 100,000 Teslas, reached an exclusive agreement to supply Uber drivers with electric vehicles and signed up Carvana Co. to dispose of rental cars it no longer wants. 

Photographer: Emily Elconin/Bloomberg

In the subprime auto industry’s infancy back in 1992, Arizona businessman Ernest Garcia II formed Ugly Duckling from two car dealerships he had purchased. His idea was to sell and finance vehicles to consumers with poor credit histories. Ugly Duckling was an innovator in auto financing, consistently finding ways to keep customers engaged and paying. […]

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