Partnerships / Acquisitions

Carvana, BoA Team Up For Online Car Sales

Carvana, BOA Team Up On Auto Financing

In an effort to bring customers an easier and more streamlined online car buying experience, Carvana, an online-only used car dealer, has teamed up with Bank of America, according to a release from the companies.

“We always want to give our customers an exceptional experience, whether they finance with Carvana or work with their own banks,” said Ernie Garcia, Carvana founder and CEO. “We look forward to introducing even more Bank of America customers to the new way to buy a car, now that they can apply their Bank of America financing to our vehicles on the bank’s digital car shopping platform.”

Customers can go on Bank of America’s car shopping tool from a phone or computer and select a Carvana vehicle. They can then submit the application for financing and finish the transaction on Carvana.com, and even trade in an old vehicle. The entire process can take as little as 10 minutes, the companies said. Carvana can deliver the vehicle as soon as the next day, and customers won’t even have to leave their homes.

We launched Bank of America digital car shopping to offer our clients a more convenient and transparent experience – from searching vehicles and dealerships to qualifying for financing, all from a desktop or mobile device,” said David Hollodick, senior vice president of consumer vehicle lending at Bank of America. “With Carvana vehicles added to our platform, our clients can take the process one step further and finalize a purchase without ever leaving home. We are delighted to bring this unique experience to more of our clients.

All the cars on the platform are Carvana-certified, which means they have undergone a 150-point inspection, have never been in an accident and don’t have any frame damage.

All of the information for each car, including features, imperfections and safety recalls, are listed on its description page, and every car has a seven-day return policy.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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