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==Competitors==
==Competitors==
{{asof|2016}}, Carvana's competitors included Carlypso, National Automotive Brokerage Services (NABS), [[Shift (business)|Shift]], ALM Automotive Group, [[Vroom.com]], [[AutoNation]], [[CarMax]], [[Penske Automotive Group]], and [[Sonic Automotive]].<ref>{{citation|first=Jerry|last=Hirsch|newspaper=Los Angeles Times.|date=2 Aug 2015|title=Cutting Edge Virtual used-car dealers gain traction|url=http://www.latimes.com/business/la-fi-hy-cutting-edge-beepi-20150802-story.html}}</ref><ref>{{citation|last=Cella|first=Jason|chapter=Carvana, LLC|title=International Directory of Company Histories|editor=Drew D. Johnson|volume=Vol. 176|location=Farmington Hills, MI|publisher=St. James Press. Gale Virtual Reference Library|year=2016|pages=84–87}}</ref>
{{asof|2016}}, Carvana's competitors included Carlypso, National Automotive Brokerage Services (NABS), [[Shift (business)|Shift]], ALM Automotive Group, [[Vroom.com]], [[AutoNation]], [[CarMax]], [[Penske Automotive Group]], and [[Sonic Automotive]].<ref>{{citation|first=Jerry|last=Hirsch|newspaper=Los Angeles Times.|date=2 Aug 2015|title=Cutting Edge Virtual used-car dealers gain traction|url=http://www.latimes.com/business/la-fi-hy-cutting-edge-beepi-20150802-story.html}}</ref><ref>{{citation|last=Cella|first=Jason|chapter=Carvana, LLC|title=International Directory of Company Histories|editor=Drew D. Johnson|volume=Vol. 176|location=Farmington Hills, MI|publisher=St. James Press. Gale Virtual Reference Library|year=2016|pages=84–87}}</ref>

==Criticism==
{{asof|2018}} Customers setup a forum voicing discontent with the company's customer service.<ref>{{cite web |title=Carvana Forum |url=http://www.carvana.sucks/experiences |website=carvana.sucks}}</ref>


==References==
==References==
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==External links==
==External links==
* [https://web.archive.org/web/20140320185130/http://www.carvana.com/ Official website]
* [https://web.archive.org/web/20140320185130/http://www.carvana.com/ Official website]
* [http://www.carvana.sucks/ Carvana Forum]


[[Category:2017 initial public offerings]]
[[Category:2017 initial public offerings]]

Revision as of 00:00, 19 August 2018

Carvana
Company typePublic
NYSE: CVNA (Class A)
Russell 2000 Component
IndustryE-commerce / Car dealer
FoundedNovember 2013; 10 years ago (2013-11)
FoundersErnest Garcia III
Ryan Keeton
Ben Huston
Headquarters
Tempe, Arizona
,
U.S.
Area served
United States
Key people
Ernest Garcia III (Chairman, President, CEO)
ProductsUsed cars
Number of employees
21,000 Edit this on Wikidata
Websitecarvana.com

Carvana is a technology business start-up based in Tempe, Arizona. It is an online-only used car dealer that allows customers to shop, finance, and trade in cars through their website.[1] It was founded in 2012 as a subsidiary of DriveTime and was spun out in 2014;[2] it held an IPO in 2017 and Ernest Garcia II, the chairman of DriveTime, was the largest shareholder at the time.[3]

Carvana offers both nationwide delivery, or the option for customers to pick up their vehicle purchases at one of the company's car vending machine locations after completing the purchase online.[4][5]

Background

Carvana is an online used car dealer that sells, finances, and buys back used cars through their website[1][4] and is headquartered in Phoenix, Arizona.[5] The company delivers cars to customers, or customers can also pick up their purchased vehicle from one of the company's car vending machines.[4]

Carvana was founded in 2012 as a subsidiary of DriveTime Automotive Group and was spun out of Drivetime in 2014.[2] Ernest Garcia II was chairman of DriveTime at the time and controlled most of the shares; Raymond Fidel is DriveTime’s CEO.[3] Garcia's son, Ernest Garcia III, is CEO of Carvana, and, as of June 2017, the elder Garcia was Carvana's largest shareholder.[3] Carvana relies on DriveTime for much of its infrastructure.[3]

Carvana ranked 5th on the Forbes list of America's Most Promising Companies in 2015.[6]

In April 2017, the company went public with an initial public offering.[3]

Technology

Carvana Tempe vending machine

Potential customers can virtually tour the interior and exterior of each car in 360 degrees on the company's interactive website.[5][7]

In November 2013, Carvana opened a three bay "car vending machine" in Atlanta, Georgia that allowed people to pick up a car they had bought online, or to buy one of the cars without dealing with a sales person;[8] and in 2015, the company opened an automated version of its car vending machine in Nashville, Tennessee—a five-story glass tower that holds 20 cars at a time.[5][9][10] After buying a car online, customers can choose to pick up their car from a car vending machine location by finding their transaction in a kiosk at the site or by inserting a special coin into a receptacle at the site.[5][11]

As of July 2018, there are 13 multi-story Carvana vending machines. The first one went up in Nashville, Tennessee in 2015. Additional eight-story machines followed in Houston, Austin, Dallas, and San Antonio, Texas as well as Raleigh, North Carolina, Jacksonville, Florida, and Tampa, Florida.[12]

Competitors

As of 2016, Carvana's competitors included Carlypso, National Automotive Brokerage Services (NABS), Shift, ALM Automotive Group, Vroom.com, AutoNation, CarMax, Penske Automotive Group, and Sonic Automotive.[13][14]

Criticism

As of 2018 Customers setup a forum voicing discontent with the company's customer service.[15]

References

  1. ^ a b Dahlberg, Nancy (12 Apr 2016), "Online used-car retailer Carvana expanding to Miami", Miami Herald
  2. ^ a b "Amendment No 2 to S-1/A". Carvana via SEC Edgar. April 17, 2017.
  3. ^ a b c d e Weinberg, Neil; Metcalf, Tom (6 June 2017). "Cars in Vending Machines, a Fading IPO and an Ex-Con Owner". Bloomberg News.
  4. ^ a b c Farmer, Blake (12 Nov 2015), "Why Nashville's Car Vending Machine Might Be More Than A Gimmick", Nashville Public Radio
  5. ^ a b c d e Griffin, Justine (5 Apr 2016), "Online car seller Carvana launches in Tampa", Tampa Bay Times
  6. ^ Strauss, Karsten (21 January 2015). "America's Most Promising Companies: The Top 20 Of 2015". Forbes.
  7. ^ Leary, Brent (11 Mar 2016), "Ryan Keeton of Carvana: Using Amazon's Playbook, Car Vending Machine to Disrupt Used Car Industry", Small Business Trends
  8. ^ Gastelu, Gary (2 Dec 2013), "Carvana opens used car vending machine in Atlanta", Fox News, retrieved 15 Apr 2016
  9. ^ Jaynes, Nick (12 Nov 2015). "There's a five-story vending machine dispensing used cars in Nashville". Mashable. Retrieved 15 Apr 2016.
  10. ^ O'Kane, Sean (12 Nov 2015). "A five-story vending machine for cars just opened in Nashville". The Verge.
  11. ^ Guff, Samantha (16 Nov 2015). "Giant Car Vending Machine Serves Up Hot New Wheels". Huffington Post.
  12. ^ Shop online for a used car then pick it up at this giant vending machine Mashable, March 2018
  13. ^ Hirsch, Jerry (2 Aug 2015), "Cutting Edge Virtual used-car dealers gain traction", Los Angeles Times.
  14. ^ Cella, Jason (2016), "Carvana, LLC", in Drew D. Johnson (ed.), International Directory of Company Histories, vol. Vol. 176, Farmington Hills, MI: St. James Press. Gale Virtual Reference Library, pp. 84–87 {{citation}}: |volume= has extra text (help)
  15. ^ "Carvana Forum". carvana.sucks.
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