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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

RumbleOn Secures $25M in Floorplan Financing From Ally

Online used-motorcycle retailer RumbleOn has secured a floorplan line of credit for up to $25 million from Ally Bank, the companies announced last week. RumbleOn serves as an entirely online marketplace where consumers and dealers can buy, sell, trade, or finance used-motorcycles. Utilizing the $25 million of credit, the company plans to purchase pre-owned motorcycles […]
Page 1 of 41234