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J.D. Power Promotes Valuation Expert

J.D. Power Promotes Valuation Expert

Staff Writer Nov 07, 2018 Financial News

Jonathan Banks has been promoted to vice president and general manager of vehicle valuations at J.D. Power.  Banks has been in the auto industry sin...

AG Sues Dealers for Missing Titles

AG Sues Dealers for Missing Titles

Staff Writer Oct 31, 2018 Legal News

The Ohio attorney general has filed consumer protection lawsuits against two different Cleveland used-car dealers accused of failing to deliver vehicl...

Ally Expands Relationship with Carvana

Ally Expands Relationship with Carvana

03-11-2018 667 BHPH News Staff Writer - avatar Staff Writer

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.

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