Latest Online Edition  Read Here

LEGAL UPDATE: Sean Petersen, NIADA senior vice president of legal and governmental affairs, talks about recent legal issues affecting independent dealers.  One change in Nevada regulates the use of starter-interrupt and GPS devices.

Carvana Moves into LA

Carvana Moves into LA Featured

Carvana Co. has moved into the nation’s largest car market.
The company recently launched operations in Los Angeles. This is Carvana’s 37th market.
Less than five years after selling and delivering its first car in Atlanta, Carvana has rapidly expanded its local market presence.

Last modified on Wednesday, 06 September 2017 16:59
Rate this item
(0 votes)

Related items

  • Car-Mart Reports Improved Earnings, Flat Revenue

    America’s Car-Mart reported net earnings of $6 million for the quarter ended Oct. 31, up from $5 million for prior year quarter.
    Revenues were $149 million compared to $150 million for the prior year quarter. The current quarter includes a $1.7 million increase in interest income and same-store revenue increase of 0.6 percent.
    Sales volume productivity was flat with 28.4 retail units sold per store per month.
    Average retail sales price decreased $73 from the prior year quarter to $10,418.
    Gross profit margin percentage increased to 42 percent from 41.4 percent for the prior year quarter.
    Collections as a percentage of average finance receivables decreased to 12.2 percent from 12.6 percent for the prior year quarter.  The weighted average contract term increased to 32.5 months from 31.7 from the prior year quarter and decreased from 32.6 for the July 31 quarter.
    Net charge-offs as a percent of average finance receivables were 7.5 percent, down from 7.7 percent for prior year quarter.
    Accounts over 30 days past due decreased to 4.1 percent from 4.8 percent at Oct. 31, 2016.
    Average percentage of finance receivables current was 80 percent, flat from Oct. 31, 2016.
    Provision for credit losses was 29.7 percent of sales vs. 29.6 percent for prior year quarter.
    Selling, general and administrative expenses were 18.2 percent of sales vs. 17 percent for prior year quarter.

  • Western Funding Names President

    Western Funding Inc. recently named Jim Murray as its new president.
    In this role, Murray will oversee all aspects of Western Funding’s sales, servicing and operations. He will focus on implementing strategic and compliant operational efficiencies and to drive growth.
    Murray comes to Western Funding with nearly 20 years of specialty finance experience in both the consumer auto and commercial small business lending sectors.

  • Cox Salutes Porsche Exec for Charity Work

    Cox Automotive presented its 2017 Community Impact Award to Heather Pullen, national remarketing manager, Porsche Cars North America.
    This award, sponsored by Manheim, honors remarketing industry leaders for their outstanding contributions to the community and the innovative ways they collaborate with community partners to help further their missions.
    Pullen is an avid polo player, and she and her husband, Randy Pullen, formed a charity in 2016 named Pony Up For A Cause. This charity was designed to give back to local charities in the Atlanta area by raising money through an annual polo event produced by Pony Up For A Cause.
    Pony Up For A Cause partners with Atlanta Ronald McDonald House (ARMHC) to support its mission in the local community. ARMHC provides temporary housing and support services to families who travel far from home to get treatment for their children facing a medical crisis. Since its inception, Pony Up For A Cause has raised more than $30,000 for ARMHC.
    For her leadership and commitment to making a difference through community service, Pullen's charity Pony Up For A Cause will receive a $10,000 donation from Cox Automotive to further its work in the Atlanta area.

Carvana Loses Nearly $40 Million

Carvana Loses Nearly $40 Million

Carvana Co. retailed 11,719 used units in the third quarter for revenue of $225.4 million.Total gross profit was $20.4 million. Total gross profit per unit was $1,742. The company still...

Dealers Use In-House CRM to Drive Sales

Dealers Use In-House CRM to Drive Sales

Robert Beck, president, Stop ‘N Drive Motors, San Antonio, Texas: “We have one location and we opened up in 2005. “We usually stock about 40 to 50 cars. We have...

  • CarMax Moves into New Market
    CarMax Moves into New Market CarMax Inc. celebrated the grand opening of its first store in Michigan, located in Kentwood at 4431 28th Street. The Kentwood store will have the capacity to stock approximately 200…
  • DMS Incorporates Carfax
    DMS Incorporates Carfax Auto/Mate Dealership Systems has integrated its dealership management system with myCarfax Service Shop tools to help their dealer customers increase the success of their fixed operations. This enhancement makes it…
  • CarMax Opens Store in Northeast
    CarMax Opens Store in Northeast CarMax Inc. celebrated the grand opening of its new store in Albany, N.Y.The store is located at 1860 Central Ave. The Albany CarMax has the capacity to stock approximately 200…
  • CarMax Grows in California
    CarMax Grows in California CarMax Inc. is currently hiring more than 40 associates for the company's third store in the Bay Area of California. The store, scheduled to open in November, will be located…
  • CarMax Reports Higher Sales, Revenue
    CarMax Reports Higher Sales, Revenue CarMax Inc. reported higher sales and revenue for the second quarter ended Aug. 31. Net sales and operating revenues increased 2.9 percent to $4 billion. Used unit sales in comparable…
  • TV Host Takes Cheap Shot at Dealers
    TV Host Takes Cheap Shot at Dealers The latest attack on subprime automobile dealers came in the form of HBO’s satirical news/comedy show “Last Week Tonight with John Oliver” on Aug. 14. The 17–minute segment slammed the…

    Auto Lending: Last Week Tonight with John Oliver (HBO)
  • Carvana Moves into Midwest
    Carvana Moves into Midwest Carvana announced its expansion into Columbus, Ohio. This launch marks the company’s first market in the Midwest region and first in the state of Ohio. Columbus marks Carvana’s seventh new…
  • Carvana Partners with Credit Union
    Carvana Partners with Credit Union Carvana has partnered with LGE Community Credit Union. Through the partnership, LGE members can browse Carvana's online inventory of vehicles and purchase a car and have it delivered to them…
  • America’s Car-Mart Moves Fewer Units
    America’s Car-Mart Moves Fewer Units America’s Car-Mart Inc. reported net income of $7.1 million in the quarter ended July 31.The buy-here, pay-here chain reported revenues of $146 million compared to $143 million for the prior…
  • Dealers Use In-House CRM to Drive Sales
    Dealers Use In-House CRM to Drive Sales Robert Beck, president, Stop ‘N Drive Motors, San Antonio, Texas: “We have one location and we opened up in 2005. “We usually stock about 40 to 50 cars. We have…