Carvana Boosts Ally Program

By Staff Writer October 01, 2020

Carvana, an 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., 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.”

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Last modified on Thursday, 01 October 2020 13:54