Allied financial once again added $ 1 billion to CarvanaThe line of credit, bringing the two companies’ purchase agreement to a total of $ 3 billion to fund loans since March 2020, Carvana announced yesterday.

Ally also increased the used car retailer’s line of credit to $ 1.25 billion, from $ 950 million, and extended the facility for three years until March 2023. The facility was originally scheduled to expire in October. .

“The strong relationship we have built is a testament to Carvana’s unique digital platform and our concentrated dedication and expertise in automotive retail,” said Doug Timmerman, President of Auto Finance for Ally, in a statement. communicated.

Ally double Carvana’s line of credit fell to $ 2 billion in March. Carvana has since tightened its underwriting standards, but remains on a growth path for fixtures, which reached $ 782.8 million in the second quarter, according to a Auto finance news analysis in August, bringing total fixtures to $ 1.6 billion in the first half of the year, an increase of 32.4% year-on-year.

Tempe, Ariz.-Based Carvana had a $ 3.3 billion managed auto portfolio at the end of 2019, according to Big Wheels auto finance data. Carvana shares were trading at $ 220.87 at 12:45 p.m. ET, down 2.3% since market opened. The share climbed nearly $ 50 per share on September 22 in response to Carvana’s “record performance” expected in terms of retail units sold, gross profit per unit, revenue and EBITDA margin.

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