Part of the attraction to investors: selling cars is only part of what makes Carvana money. In the second quarter, around 36% of the company’s gross profit per unit came from selling loans it made to customers to buy the cars. Retail sales accounted for 39% of gross profit per unit, Carvana’s preferred earnings measure. Other types of income, including from vehicle-servicing contracts, made up the rest.
Last quarter, the loan surge helped Carvana earn its first ever quarterly profit.
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At a press conference yesterday, House Speaker Nancy Pelosi (D-CA) threw cold water on the argument that President Biden has the legal authority to cancel student loan debt...
The Department of Education is planning to continue addressing reforms to the administration of the student loan program -- based partly on the input of two...
Oregon City commissioners provided preliminary approval to a plan from city staff to borrow money from the federal government after voters rejected increasing their baseline water...
Students who start college in the U.K. next year could still be repaying student loans into their sixties, under new plans announced by the British government...
