Ally Expands Relationship with Carvana Featured

By Staff Writer November 03, 2018

Ally Financial is providing up to $2.3 billion in financing commitments over the next 12 months to support retail contracts from and inventory needs of Carvana Co.

In its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion available for bulk purchases, in addition to providing a $350 million warehouse credit facility. The $650 million floor plan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

In the first two years, Ally had agreements to provide up to $2 billion in financing commitments for retail contracts from Carvana.

The latest agreement also includes an increased floor plan credit line and continued vehicle sourcing through Ally's SmartAuction platform.

Last modified on Saturday, 03 November 2018 22:30