Already buoyed by a Wall Street rebound, Carvana Co. shares soared Tuesday after the online automobile retailer received a major financial boost from a key lender, Ally Financial.
Tempe-based Carvana said in a regulatory filing that Detroit-based Ally Financial will provide up to $2 billion for the purchase of finance receivables over the next 12 months and widen the set of customers covered by the agreement.
As a result, Carvana shares gained $15.41, or 43 percent, to close Tuesday at $51.21 in heavy trading volume.
The amended agreement upsizes Ally's purchase commitment by approximately $1.6 billion and extends it to March 23, 2021.
