Initially, Carvana was small and relied on the DriveTime relationship, selling loans to Ally. As Carvana matured, it introduced its own securitization program, originating loan securitizations and selling the residuals to private buyers. How did Carvana's securitization program affect its relationship with Ally?

It didn't really change the relationship. When Carvana started growing, Ally had a multi-billion dollar relationship with them, considering the floor plan and retail aspects. As Carvana grew, so did the relationship with Ally. The discussions with Carvana were always clear that Ally couldn't take all of their paper or risk due to regulatory constraints. Ally encouraged Carvana to have multiple channels to manage their paper.