DETROIT -

Online retailer Carvana now has more capacity to secure inventory for the company's unique vehicle vending machines.

Ally Financial on Monday extended its financing relationship with Carvana, increasing the retailer’s floor plan credit line from $60 million to $125 million. Executives calculated the increase represents financing for approximately 7,100 vehicles, up from 3,400 vehicles.

The companies highlighted the credit line is to support floor plan financing as Carvana pursues expansion plans this year.

"The way consumers shop, buy and finance vehicles continues to evolve as the industry responds to consumer preferences toward a digital experience. As a leading finance provider in the industry, Ally is positioned to support this evolution and is pleased to expand our relationship with an innovative company like Carvana," said Ally president of auto finance Tim Russi. 

Carvana, which launched in 2013, offers a unique online vehicle buying experience that lets customers browse a large selection of used vehicles, secure financing and complete a purchase, all from its easy-to-use website.

After purchase, customers can opt for home delivery, or pick up their vehicle from one of the company’s vending machine locations in Atlanta or Nashville, Tenn.

“Our goal is to create a better way to buy a car by putting the consumer back in control of the buying process,” Carvana founder and chief executive officer Ernie Garcia.

“We’re using technology and transparency to revolutionize car buying and as we look to expand to new markets this year, our relationship with Ally will help to provide us with the resources and financial flexibility that we need to continue with our exciting, rapid growth,” Garcia went on to say.

Executives added that Ally and Carvana are also exploring other opportunities to expand their relationship since Ally offers a full spectrum of financial products and services, such as retail financing, leasing, insurance and remarketing.