Carvana provides customers with new virtual financing option

Auto shoppers can now quickly obtain real money for digital purchases on Carvana.

Carvana, an omnichannel platform for buying and selling used cars, is partnering with Regions Bank to provide customers in the South, Midwest and Texas with online access to auto loans. A link from the auto center section of the Regions website connects to a new, co-branded Regions and Carvana site.

From the co-branded site, prospective buyers can select from Carvana’s inventory of more than 15,000 vehicles, get a trade value for their current vehicle if needed, obtain financing through Regions Bank (for qualified borrowers), and arrange for pick-up/delivery as soon as the next day. Consumers can manage all of these tasks from their computer, tablet or mobile device.

In addition to offering home delivery of vehicles as soon as the next day, in select markets Carvana offers “car vending machines,” structures that hold vehicles for customer pick-up. Customers who decide to pick up their car at the vending kiosk are greeted by a customer “advocate” and receive a commemorative, oversized Carvana coin to activate the vending process. They then watch as their vehicle descends the all-glass tower. The process takes only minutes, according to the company. All vehicles come with a seven-day return policy.

“The ways people search for and purchase a vehicle continue to change,” said Tom Lazenby, auto lending manager for Regions Bank. “Carvana, like Regions, is a company that is on the leading edge in terms of simplifying the purchasing process and doing it with reliability, transparency and a focus on putting the customer first.”

Carvana offers car vending machines in 21 cities nationwide, and also offers as-soon-as-next-day vehicle delivery in and 146 markets across the U.S.