Mark Wright

Carvana’s ambitious goal of selling 3 million retail vehicles annually by 2035 depends on a key ingredient: a captive finance arm that helps generate 85 percent of total sales. The share of new- and used-vehicle sales that are financed in-house has remained stable for a few years, and likely will inch even higher as the company continues to improve the process, said Matt Dundas, the company’s vice president of finance. “It’s been years of hard work” to make the experience “smoother” for customers and offer more competitive financing terms, Dundas said in October at the Auto Finance Summit in Las Vegas. Carvana’s captive financing could serve as a possible model for other dealerships seeking to make their finance and insurance processes more efficient and less intimidating. The approach gives customers a financing option that is easy to use and provides quick approvals in a time of high interest rates and escalating prices for both new and used vehicles. #Carvana #automotive #autoindustry #autoretail