NYSE: CVNA (Class A)|
Russell 2000 Component
|Industry||E-commerce / Car dealer|
Ernest Garcia III|
|Headquarters||Tempe, Arizona, U.S.|
|Ernest Garcia III (Chairman, President, CEO)|
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. It was founded in 2012 as a subsidiary of DriveTime and was spun out in 2014; it held an IPO in 2017 and Ernest Garcia II, the chairman of DriveTime, was the largest shareholder at the time.
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.
Carvana is an online used car dealer that sells, finances, and buys back used cars through their website and is headquartered in Phoenix, Arizona. The company delivers cars to customers, or customers can also pick up their purchased vehicle from one of the company's car vending machines.
Carvana was founded in 2012 as a subsidiary of DriveTime Automotive Group and was spun out of Drivetime in 2014. Ernest Garcia II was chairman of DriveTime at the time and controlled most of the shares; Raymond Fidel is DriveTime’s CEO. Garcia's son, Ernest Garcia III, is CEO of Carvana, and, as of June 2017, the elder Garcia was Carvana's largest shareholder. Carvana relies on DriveTime for much of its infrastructure.
In April 2017, the company went public with an initial public offering.
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; 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. 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.
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.
As of 2016[update], Carvana's competitors included Carlypso, National Automotive Brokerage Services (NABS), Shift, ALM Automotive Group, Vroom.com, AutoNation, CarMax, Penske Automotive Group, and Sonic Automotive.
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