Carvana, Inc

Carvana is an online car dealership|used car retailer and technology|technology business based in Tempe, Arizona. The company is known for its multi-story Car Vending Machines, and in 2018 it was reported to be the fastest growing used car dealer in the United States.

History

Carvana was founded by Ernest Garcia III, Ryan Keeton and Ben Huston in 2012 as a subsidiary of used car retailer and finance company DriveTime, and was spun off in 2014.

In November 2013, Carvana opened its first iteration of a car vending machine. In 2015, a fully automated, coin-operated version of the signature car vending machine opened in Nashville, Tennessee.

In April 2017, the company went public and began trading on the New York Stock Exchange under the symbol CVNA.

In March 2019, the company launched service in Savannah, Georgia, which was reportedly its 100th market. In 2020, Carvana's as-soon-as-next day delivery is available in 161 markets across the country.

Business

Carvana operates as an online-only used car dealer that allows customers to shop, finance, and sell or trade-in cars through their website. Vehicles come with a seven day return policy.

The Houston Chronicle dubbed the company the “Amazon of Auto”. In 2019, it sold 177,549 vehicles and posted annual revenue of $3.94 billion, making it the third largest used-car retailer in the U.S.

Acquisitions

In 2017 Carvana acquired rival automotive startup Carlypso to enhance vehicle data and analytical tools. In April 2018, Carvana spent $22 million to acquire Mark Cuban-backed Car360 for its smartphone technology for taking vehicle photos with Computer_vision|3D computer vision, machine learning, and augmented reality.

Sponsorships

The company is a sponsor of the Phoenix Rising FC|Phoenix Rising Football Club.

References

See also

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