Carvana admitted violating Illinois law on the timely issuance of car titles and registrations and has agreed to follow enhanced rules.
The agreement assures that Carvana can continue doing business in Illinois and ends a legal dispute that dates from last May when the secretary of state suspended its business license. Sales continued, however, because the company fought that action in court.
As a result, some people were ticketed for not having valid registrations. Henry Haupt, a spokesman for Giannoulias, said the forfeited bond will be used to help customers recover any losses. With a heavy load of debt, Carvana has reported escalating losses and laid off staff as the value of its used-car inventory has declined. Its stock has lost about 96% of its value over the last year, and some analysts speculate the company will declare bankruptcy.
"We look forward to working with Secretary Giannoulias to ensure customers continue having access to the best car buying and selling experience possible." Company executives have said such issues have affected a small subset of its customers. They said Carvana has improved staff training and technology to better comply with state laws.
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