{
  "docId": "019dd923-622c-750b-8b98-98685acdea95",
  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 74,
  "pageCount": 98,
  "prevPage": 73,
  "nextPage": 75,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses news clippings to establish a timeline of Ally's financial commitment to DriveTime followed by the departure of Tim Russi.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/74",
  "deckHref": "/decks/019dd923-622c-750b-8b98-98685acdea95",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-98685acdea95.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-98685acdea95#slide-74",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Does the recent reduction in Ally’s financial commitment to Carvana suggest that its new auto finance team is applying greater scrutiny to its relationship with the Company?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d4-376111e770b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.43,
        "x": 0.55,
        "y": 0.58
      },
      "kind": "image",
      "text": "News clipping: Tim Russi to leave Ally Financial",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ebc047c-582d-4de0-a3b5-4316fbc01dd5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.48,
        "x": 0.02,
        "y": 0.44
      },
      "kind": "image",
      "text": "News clipping: As DriveTime's Losses Surge, Ally Financial Extends Credit Line",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42a9ea23-4c35-400f-b137-d89aef713423",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "paragraph",
      "text": "Does the recent reduction in Ally's financial commitment to Carvana suggest that its new auto finance team is applying greater scrutiny to its relationship with the Company? Is the new team as comfortable with Carvana's subprime auto lending as was Russi and his team?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93e170f8-05bb-4a8c-9d23-2f1116df2776",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "As another major financial backer of Carvana's lending business, one might expect that Ally would be aware of the close ties between Carvana and its other financial backers, as well as the suspicious economics of its subprime auto lending. However, the relationship between Carvana and Ally was until recently managed by Tim Russi, who, as President of Auto Finance at Ally, also managed the lender's relationship with DriveTime and provided financing to the company even as it suffered growing losses. Russi has since departed Ally as of April 2018.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5737561-c15e-49b3-97ed-d9d343a9b974",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We’re excited to work with DriveTime to provide committed financing that frees up capital it can use to grow its business,\" — Tim Russi, president of auto finance at Ally.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d4-39c514e058f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Is Ally Aware Of Carvana's Subprime Economics?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "769d60ad-b3c6-4fb0-a282-4c149c639d68",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "fbeb48db-bb78-48e6-b1de-8e26f16ba78a",
      "evidence": "The slide contrasts the executive's actions (financing DriveTime despite losses) with his subsequent departure to imply a shift in risk appetite.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}