DETROIT, Nov. 7, 2017 /PRNewswire/ -- Ally Financial
today announced an agreement to increase financing commitments for
retail contracts from Carvana, a leading eCommerce platform for
buying used cars, to up to $2 billion
over the next 12 months. Under the agreement, Ally will make the
funding available to Carvana for financing and bulk purchases of
contracts. The agreement increases Ally's original $600 million commitment by an additional
$1.4 billion.
"The increase is a testament to the strength of the relationship
and shows how well we are working together to provide Carvana
customers with an innovative digital financing experience," said
Tim Russi, president of auto finance
at Ally. "We've worked closely with Carvana to provide a number of
customized services including floorplan credit, vehicle sourcing
and consumer financing solutions, and are extremely proud to be
able to collaborate with a company that is successfully delivering
on its mission to change the way people buy cars."
The increased funding will help support Carvana's sales growth.
The new agreement is in addition to the floorplan credit line and
vehicle sourcing through Ally's SmartAuction online remarketing
platform that Ally currently provides Carvana.
"We are proud to upsize our financing arrangement with Ally and
to continue to strengthen our relationship, as working with Ally
enables us to expand financing offerings to our customers as our
business grows," said Ernie Garcia,
Carvana founder and CEO. "Partnering with Ally allows us to provide
customers with a convenient way to finance their purchase on terms
that work best for them."
Carvana allows consumers to shop for, finance and purchase used
vehicles completely online, in as little as 10 minutes, putting the
customer in control of the purchase process, including the
selection of financing terms and monthly payments. Carvana provides
free, as-soon-as-next-day vehicle delivery in 39 U.S. markets, as
well as vehicle purchase pick-up at its seven fully automated,
coin-operated Car Vending Machines. All vehicles come Carvana
Certified with a seven-day, money-back guarantee and have passed a
rigorous 150-point inspection, have never been in a reported
accident nor have frame damage. Customers can view all features,
imperfections and updated information about open safety recalls on
the car's vehicle description page.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial
services company and a top 25 U.S. financial holding company
offering financial products for consumers, businesses, automotive
dealers and corporate clients. Ally's legacy dates back to 1919,
and the company was redesigned in 2009 with a distinctive brand,
innovative approach and relentless focus on its customers. Ally has
an award-winning online bank (Ally Bank Member FDIC and Equal
Housing Lender), one of the largest full service auto finance
operations in the country, a complementary auto-focused insurance
business, a growing digital wealth management and online brokerage
platform, and a trusted corporate finance business offering capital
for equity sponsors and middle-market companies.
The company had approximately $164.0
billion in assets as of September 30,
2017. For more information, visit the Ally press room at
https://media.ally.com or follow Ally on Twitter:
@AllyFinancial.
About Carvana (NYSE: CVNA)
Founded in 2012 and based
in Phoenix, Carvana's (NYSE: CVNA) mission is to change the
way people buy cars. By removing the traditional dealership
infrastructure and replacing it with technology and exceptional
customer service, Carvana offers consumers an intuitive and
convenient online automotive retail platform, with a fully
transactional website that enables consumers to quickly and easily
buy a car online, including finding their preferred vehicle,
qualifying for financing, completing the purchase and loan with
signed contracts, and receiving delivery or pickup of the vehicle
from one of Carvana's proprietary automated Car Vending
Machines.
For further information on Carvana, please
visit www.carvana.com, or connect with us
on Facebook, Instagram or Twitter.
Contacts:
Brenda Rios
Ally Financial
313.656.6809
Brenda.rios@ally.com
Amy O'Hara
Carvana
press@carvana.com
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SOURCE Ally Financial