Fair Plans Global Expansion With $385M Investment Led by SoftBank

Used-car leasing app Fair is looking to establish itself as a global player in the subscription space on the heels of a $385 million Series B funding led by SoftBank. “We’re not identifying specific countries for future growth at this time, but are certainly planning to explore scaling our Uber platform internationally to supply cars […]

• Nicole Casperson
• December 20, 2018
• Innovation & Mobility, Operations, Strategy

Ally Financial Boosts Carvana Financing Commitment to $2.3 Billion

Ally Financial has increased its financing commitment to Carvana by 15%, to $2.3 billion. In the third year of the partnership, Ally has agreed to provide Carvana with a $650 million floorplan line of credit, up from $350 million previously. Ally will also provide as much as $1.25 billion available for bulk purchases, and a […]

• Monica Melton
• November 5, 2018
• Operations, Strategy

USAA Mulls Future of Augmented Reality App as Pilot Nears Finish Line

USAA Bank is establishing itself as an innovative competitor in the direct lending space with its augmented reality app pilot — a move meant to provide consumers with a holistic approach to the car-buying experience, Renee Horne, vice president of consumer lending experiences, told Auto Finance News. “USAA doesn’t go through dealerships like many of […]

• Nicole Casperson
• October 23, 2018
• Innovation & Mobility, Technology

Fair Leverages B2B Marketing Strategy for Rapid Growth, CEO Says

Used-car leasing app Fair is expanding rapidly through partnerships rather than spending funds on advertising straight to the consumer, Founder and Chief Executive Scott Painter, told AFN. “Given our partnership with Uber Technologies Inc., our expansion is not based on [brand building], so we don’t have to worry about marketing dollars,” Painter said. By having […]

• Nicole Casperson
• September 19, 2018
• Technology

Carvana Originations More Than Double Amid Geographic Expansion

Carvana’s originations of finance receivables increased to $525.8 million during the first six months of 2018, compared with $223.8 million during the same time last year, according to the company’s second-quarter earnings released this week. That boost in financing tracks with the online dealership’s higher retail sales expectations this year. Sales climbed 111% during the second […]

• Nicole Casperson
• August 9, 2018
• Earnings, Operations, Strategy

Online Retailer Joydrive Aligns With Dealers for Home Deliveries

Joydrive, a newly launched online automotive retail marketplace, wants consumers to order cars from their couch, arrange financing from their phones, and have the cars delivered to their driveways without ever stepping foot in a dealership. And it’s enlisting an unlikely ally to accomplish that vision — dealerships.   In the first seven months of […]

• William Hoffman
• August 7, 2018
• Innovation & Mobility, Operations

Carvana Adapts to High Demand with Manheim Inventory

Carvana and Manheim’s relationship has expanded further, thanks to a new partnership announced today between the two companies. The move was sparked by Carvana’s rising retail demands. As part of a new agreement, Carvana can buy and sell cars on Manheim’s auction platform. Carvana uses suppliers like Manheim — and purchases from the general public — to establish […]

• Nicole Casperson
• May 30, 2018
• Strategy, Technology

Springboard Inks Deal With Carvana to Boost Nonprime Volume, Plans Full-Spectrum Push

Car-shopping platform Carvana has added SpringboardAuto to its lender lineup to focus on consumers in the nonprime credit tier. Springboard’s sweet spot is two- to three-year-old cars with 55,000 miles and an average of between $15,000 and $18,000 financed, a “pretty close match” to the types of vehicles and consumer base Carvana targets, said Jim […]

• Emma Sandler
• May 14, 2018
• Credit Performance, Operations, Strategy