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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 […]

Auto ABS Volume Closes In on $60B

Year-to-date auto securitization volume hit $57.8 billion at the end of April, with prime loan issuance accounting for the lion’s share of transactions, according to research released today by Deutsche Bank. Prime loan securitization volume totaled $23.7 billion, and subprime volume reached $12.8 billion. The remaining volume was comprised of retail lease ($9.8 billion), fleet […]

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 […]

DriveTime Overhauls Mobile Site Following Traffic Surge

Used-vehicle retailer and financier DriveTime introduced a new mobile website this week after it identified that 80% of its online traffic is coming from mobile, up from 60% last year, Shawn Curran, managing director of retail, marketing, and product development, told Auto Finance News. The new site was built in-house and features enhanced personalization options, […]

Ally Grows Auto Portfolio 3.5% in 4Q as Losses Rise

Ally Financial Inc. grew its auto portfolio 3.5% on a year-over-year basis to $67.5 billion in the fourth quarter, as delinquencies and charge-offs rose, the company reported in earnings today. Delinquencies increased to 3.43% of the company’s auto portfolio, up from 3.28% the same time a year prior, the bank reported. Likewise, net charge-offs reached $294 […]
  • Matthew Wood
  • January 30, 2018
  • Earnings

DriveTime Begins Search For New CEO

The used vehicle retailer and financier DriveTime is searching for a new chief executive after Ray Fidel left the role and company in December 2017. Fidel and Ernie Garcia II bought the company in 1991, back when it was called Ugly Duckling. They changed the name to DriveTime in 2002 and have since grown its […]

Kroll Remains Optimistic Despite Rising Auto ABS Losses

Kroll Bond Rating Agency said historically high delinquencies and losses will continue to rise due to used-vehicle depreciation and a saturation of lenders, according to a new report analyzing the auto ABS market. However, those rises are not as “ominous” as headlines often make them out to be. Growing cumulative net losses are offset by […]
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