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Carvana ramps up car-buying business

Carvana is allocating more marketing dollars and technological capabilities to the company’s business of buying cars, something Chief Executive Ernie Garcia called “a significant fundamental step toward achieving our long-term goals.” As the company continues to expand geographically, light inventory has been a “pinch point” for Carvana, Garcia said in the company’s second-quarter earnings call […]

Carvana’s originations skyrocket in 2Q

Carvana’s second-quarter earnings were “the most successful quarter-to-date” for the finance platform, Chief Financial Officer Mark Jenkins said during the company’s earnings call yesterday. Carvana’s originations shot up 124.7% year over year to $1.2 billion, compared with $525 million in the prior-year period. In addition, finance gross profit per unit was a record $1,100 — […]

Carvana, HCA, Tricolor to explore AI at AFS

Three tech heavyweights from Carvana, Hyundai Capital America and Tricolor Auto Acceptance will take the stage at Auto Finance Summit 2019 to discuss innovative applications for machine learning and artificial intelligence. The session is slated for Tuesday, Oct. 29, at 11:30 a.m. PT and the rest of the agenda can be found here. The 19th […]

Auto issuance drives ABS growth

The auto finance sector is propping up the securitization market, with year-over-year growth climbing 18% through June, according to Kroll Bond Rating Agency’s Midyear 2019 ABS Outlook published last week. Auto securitization volume hit $68.5 billion through June, according to KBRA. “Despite plateauing new-vehicle sales, there has been tremendous year over year growth in auto-related […]

Carvana stakeholder named richest person in Arizona

Ernest Garcia II, the largest shareholder of Carvana and founder of DriveTime Automotive, was named the richest person in Arizona with a net worth of $5.6 billion, according to an annual Forbes ranking. Garcia, through his wholly owned subsidiary Verde Investments, owns 89.3 million shares of Carvana’s class A and B common stock, giving him […]
  • Joey Pizzolato
  • June 26, 2019

Carvana grows southern presence, doubles originations YOY

Carvana, an online used-car retailer, is expanding its geographic reach in the southern states as a part of its sales growth roadmap. Already in June, the Tempe, Ariz.-based company entered four North Carolina markets, two South Carolina markets, and two Central Florida markets, according to company press releases. Bolstering the platform’s southern presence is one […]

Carvana Hits ABS Market With Second Transaction

Carvana is bringing $337.3 million in asset-backed securities to market in a deal that’s expected to close June 27, according to a presale report by Moody’s Investors Service issued this week. Carvana’s second deal of the year props up its ABS volume to $676.1 million just three months after the online used-vehicle retailer completed its […]

Carvana’s 7-Day Return Policy Boosts Retention Rate

Carvana’s seven-day return policy has resulted in a single-digit return rate, Christina Keiser, vice president of strategy, said at the Auto Finance Sales & Marketing Summit last month. "Carvana return rates are in the mid- to high-single digits, and about half of those are swaps — meaning, a customer exchanges the original vehicle for a […]
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