Ally Financial Increasing Carvana's Floorplan Credit Line
Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.
DETROIT — Ally Financial announced this week it is increasing Carvana’s floorplan credit line from $60 million to $125 million. This will allow the online vehicle retailer to finance approximately 7,100 vehicles, up from 3,400.
The credit line will support Carvana planned expansion in 2016, official said.
“The way consumers shop, buy and finance vehicles continues to evolve as the industry responds to consumer preferences toward a digital experience. As a leading finance provider in the industry, Ally is positioned to support this evolution and is pleased to expand our relationship with an innovative company like Carvana,” said Ally President of Auto Finance Tim Russi.
Carvana, which launched in 2013, allows customers to browse a large selection of used vehicles, secure financing and complete a car purchase from its website. After completing the purchase, customers have the option to have their vehicle delivered to their home or pick the vehicle up themselves from one of Carvana’s car vending machines in Atlanta or Nashville, Tenn.
“Our goal is to create a better way to buy a car by putting the consumer back in control of the buying process,” says Ernie Garcia, Carvana founder and CEO. “We’re using technology and transparency to revolutionize car buying and, as we look to expand to new markets this year, our relationship with Ally will help to provide us with the resources and financial flexibility that we need to continue with our exciting, rapid growth.”
Ally and Carvana are also exploring other opportunities to expand their relationship. Ally offers financial products and services like retail financing, leasing, insurance and remarketing.
Originally posted on F&I and Showroom
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