Ally increases Carvana funding to $2.3bn

Ally Financial is deepening its relationship with online used car specialist Carvana with plans to commit up to $2.3 billion in financing over the next 12 months to support retail contracts and inventory needs for its e-commerce platform. Now in its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion for bulk purchases, in addition to providing a $350 million warehouse credit facility. A $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

Ally increases Carvana funding to $2.3bn

Nov 09, 2018

Ally Financial is deepening its relationship with online used car specialist Carvana with plans to commit up to $2.3 billion in financing over the next 12 months to support retail contracts and inventory needs for its e-commerce platform. Now in its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion for bulk purchases, in addition to providing a $350 million warehouse credit facility. A $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

Waymo goes driverless in California

Google-owned Waymo has announced it is to start testing fully driverless cars on public roads in California for the first time, after being granted a permit by the California Department of Motor Vehicles (DMV). The cars will be the first autonomous vehicles to operate in the state. Fully driverless testing is the latest step for Waymo, which began life in 2009 as Google’s self-driving technology unit.

Waymo goes driverless in California

Nov 09, 2018

Google-owned Waymo has announced it is to start testing fully driverless cars on public roads in California for the first time, after being granted a permit by the California Department of Motor Vehicles (DMV). The cars will be the first autonomous vehicles to operate in the state. Fully driverless testing is the latest step for Waymo, which began life in 2009 as Google’s self-driving technology unit.

Ford partners with Baidu for autonomous vehicle testing in China

Ford Motor Company and the leading Chinese language internet search provider Baidu are to begin a two-year joint autonomous vehicle test project, under which the two companies will further advance the development and on-road testing of autonomous vehicles in China. The Baidu-Ford L4 Autonomous Vehicle Test Project is a two-year initiative, with on-road testing slated to begin by the end of this year. Ford and Baidu will jointly develop and test autonomous vehicles that are designed to operate autonomously within a specific geographic area and under certain weather conditions.

Ford partners with Baidu for autonomous vehicle testing in China

Nov 09, 2018

Ford Motor Company and the leading Chinese language internet search provider Baidu are to begin a two-year joint autonomous vehicle test project, under which the two companies will further advance the development and on-road testing of autonomous vehicles in China. The Baidu-Ford L4 Autonomous Vehicle Test Project is a two-year initiative, with on-road testing slated to begin by the end of this year. Ford and Baidu will jointly develop and test autonomous vehicles that are designed to operate autonomously within a specific geographic area and under certain weather conditions.

Americas

Cadillac pauses car subscriptions as BMW and Daimler report mobility service growth

Nov 07, 2018

Cadillac has announced it will “temporarily pause” its car subscription service in the US next month as part of a strategic review. The manufacturer says it will review results from the programme before developing a new strategy. Book by Cadillac is one of several subscription services recently launched by manufacturers to offer new mobility options to customers. For a monthly fee, drivers can swap between a range of Cadillac vehicles as their needs change.

Asia Pacific

Renault reveals new Arkana at Moscow Motor Show

Aug 29, 2018

Renault has hosted the world premiere of its new Arkana global crossover model at the Moscow Motor Show. The C-segment SUV will go on sale in Russia in 2019 and will then be rolled out to key markets globally, focusing on Asia. There are currently no plans to bring it to Europe.