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Carvana Co. Implements Texas DMV Tool to Streamline Vehicle Purchase Processes
Carvana Co. announced that it has adopted a digital tool provided by the Texas Department of Motor Vehicles, eliminating the need for state officials to review physical paperwork. This move aims to simplify vehicle purchase processes within the state.
Through the Texas department’s webDEALER system, Carvana will utilize an electronic odometer and sales disclosure feature. This allows customers in Texas to process paperwork electronically for vehicle title transfers, registrations, and inspections, following their purchase through Carvana’s online platform. To qualify, buyers must have a Texas driver’s license or state ID and have the vehicle either picked up or delivered within the state.
Tony Hall, Senior Government Affairs Manager at Carvana, praised Texas’s e-odometer process, emphasizing how technology can significantly enhance the speed, efficiency, and reliability of traditional DMV processes.
Carvana’s adoption of this feature represents its commitment to modernizing vehicle-buying procedures. Furthermore, the company has supported legislative measures set to take effect in 2024, which enable electronic signing and transmission of documents related to vehicle purchases in various states. Such measures are crucial to Carvana’s online sales-focused business model.
Carvana’s recent credit rating upgrade by S&P Global Ratings boosted its share price. However, the company’s capital structure still requires long-term sustainability improvements, according to S&P Global Ratings.
In its quest for modernization, Carvana has sponsored bills in multiple states. In July, Carvana-backed legislation was signed into law in Illinois and Oregon, respectively. These laws codify home vehicle delivery, electronic signatures, and the electronic transmission of documents related to vehicle ownership such as registrations and titles. The laws will come into effect on January 1, 2024.