Carvana Co. is an online used car retailer 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.
Carvana operates as an online-only used car dealer that allows customers to shop, finance, and sell or trade-in cars through their website.
The company gives customers the option of having their purchased vehicles delivered to them or they can choose to pick them up at one of the company’s 24 car vending machines. Vehicles come with a seven-day return policy. In response to COVID-19, Carvana introduced touchless delivery and pick-up in March 2020.
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.
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 3D computer vision, machine learning, and augmented reality.
Traded as: NYSE: CVNA (Class A); Russell 1000 Component
Industry: E-commerce / Car dealer
Founded: January 2013; 7 years ago
Founders: Ernest Garcia III, Ryan Keeton, Ben Huston
Headquarters: Tempe, Arizona, U.S.
Products: Used cars
Website: www.carvana.com