Carvana partners with Lyft to buy riders’ vehicles

Carvana has partnered with rideshare giant Lyft in a pilot program to get riders to “ditch their car and dealership at the same time,” said Ryan Keeton, Carvana’s chief brand officer. The campaign, called “Ditch Your Car,” launched in 2018 and lasted for 30 days, during which Lyft encouraged 150,000 riders to leave their cars […]

• Bianca Chan
• November 12, 2019
• Archives, Customer Experience, Sales & Marketing

Carvana posts triple-digit origination growth YOY

Carvana’s originations hit $1.9 billion in the third quarter, a 115% year-over-year increase. Third-quarter revenue increased 105% to $1.1 billion, marking the used-car retailer’s 23rd straight quarter of triple-digit revenue growth. Carvana sold 46,413 retail units, up 83% from the prior-year period. The business of buying cars from customers, an area of focus for the […]

• Bianca Chan
• November 7, 2019
• Earnings

AFS 2019: Carvana, TFS, Tricolor, fraud coalition and US Bank’s Hyatt win 2019 Excellence Awards

LAS VEGAS – The Auto Finance Coalition, Carvana, Toyota Financial Services, Tricolor and U.S. Bank‘s John Hyatt are this year’s recipients of Auto Finance Excellence Awards, a mark of distinction within the industry for achievement in leadership, community service, and technology among other categories. For achievement in leadership: The Auto Finance Coalition, a subchapter of […]

• Bianca Chan
• October 31, 2019
• Auto Finance Summit, Customer Experience, Innovation & Technology, People, Risk Management

Carvana inks partnership with Regions Bank

Regions Bank customers will have a simpler way to shop for their vehicle on Carvana’s platform through a partnership that will redirect direct loan applicants to a website co-branded by the Tempe, Ariz.-based e-commerce platform and the Birmingham, Al.-based bank. The move is the next step in the evolution of its partnership with Regions, a […]

• Joey Pizzolato
• September 30, 2019
• Customer Experience, Exclusive, Sales & Marketing

Artificial intelligence: Where humans and bots collide

From the September issue: Artificial intelligence is becoming the ideal balance between “art” and “science.” Imagine a future where customer service call centers are devoid of ringing telephones, and agents serve multiple consumers simultaneously. Imagine a system where each step of the customer journey is logged and tracked, eliminating the constant repetition of account and […]

• Bianca Chan and Joey Pizzolato
• September 25, 2019
• Customer Experience, Features, Innovation & Technology

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 […]

• Bianca Chan
• August 14, 2019
• Customer Experience, Sales & Marketing

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 — […]

• Joey Pizzolato
• August 8, 2019
• Credit Performance, Earnings

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 […]

• Bianca Chan
• August 8, 2019
• Innovation & Technology