Ally Increases Carvana Loan Purchase Commitment by $1 Billion, Increases Floor Plan Commitment to $1.25 Billion
September 29 2020 - 5:00PM
Business Wire
Today Carvana (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, announced a $1.0 billion increase to
its current loan sale program with Ally Financial Inc. (NYSE:
ALLY), demonstrating the success of the previous increase and
extension of the facility completed earlier this year. This
increase represents a total of $3.0 billion in commitment to fund
Carvana customer loans since March 2020.
In addition to the increased loan purchase commitment, Ally
Financial has also increased its commitment to provide funding
through Carvana’s inventory floor plan from $950.0 million to $1.25
billion and has extended the facility from October 2020 through
March 2023. This commitment from Ally will allow Carvana to
continue increasing the number and diversity of its inventory,
providing consumers with an even broader selection of vehicles to
choose from.
“Ally has been with us from very early on when we were selling
just a couple hundred cars per month,” said Ernie Garcia, Carvana
founder and CEO. “I’m confident Ally will continue to play an
important role as we make progress toward our goal of selling 2
million vehicles. We are proud to have their support and continue
to expand our relationship.”
“Our goal is always to find the most effective ways to meet the
specific needs of each of our dealer customers and help them grow
their businesses,” said Doug Timmerman, president of Auto Finance
for Ally. “The strong relationship we’ve built is a testament to
Carvana’s unique digital platform and our focused dedication and
expertise in the auto retail business.”
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 car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 15,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.
For further information on Carvana, please visit
www.carvana.com, or connect with us on Facebook, Instagram or
Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200929006120/en/
Investor Relations: Carvana Mike Levin investors@carvana.com
Media Contact: Carvana Amy O’Hara press@carvana.com
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