carvana co.

As used car prices gradually edge down, more Americans are underwater on their auto loans and the average amount consumers are upside down is at a record high, a new report found.

Illinois’ secretary of state suspended the business license for online used car retailer Carvana until the Arizona-based company resolves problems related to registrations and titles for customers.

Carvana's website states that all of its vehicles are put through a 150-point inspection. It also emphasizes that it does not sell cars that have been in a reported accident or have frame or structural damage.

Some buyers have claimed to have waited about a year for the title, well over the 30 days allowed by law in some states for a company to provide the documents

When Erin Adams decided to leave the Portland, Ore., area and consider cheaper locations, she prepared to sell her secondhand 2005 Toyota Scion xB for something a bit more capable of hauling her belongings.

Online used-car dealer Carvana Co., known for its vehicle vending-machine towers, has a secret sauce to its business success: a way of handling car loans that turbocharges revenue.

CarMax has teamed up with Dunkin' to offer $10 gift cards to customers who take one of its cars for a 24-hour test drive. The used car retailer is also allowing purchased cars to be returned for a full refund within 30 days.