Carvana is an online used car merchant and technology business based in Tempe, Arizona. Ernest Garcia III, Ryan Keeton, and Ben Huston launched Carvana in 2012 as a subsidiary of used car retailer and finance company DriveTime, initially and in 2014 they rotated it. Carvana functions as an online-only used car trader that permits buyers to shop, finance, and sell or trade-in cars through their website. Carvana has its headquarters in Tempe, Arizona. The customers, who go through Carvana for their Car related transactions, have the liberty have their purchased vehicles delivered to them or they can choose to pick them up at one of the company’s cars vending machines. Every Car purchased has a 7-Day “Test Own” return policy which lets customers return the vehicle for any reason within 7 days of the date of purchase.
These online transactions are fully hassle-free without the involvement of any middlemen or private dealers. In 2013, Carvana launched its first Car vending machine. In 2015, a fully automated, coin-operated version of the signature car vending machine was opened in Nashville, Tennessee. Carvana went public in April 2017 and started trading on the New York Stock Exchange under the symbol CVNA.
This Arizona-based company gained huge popularity and won the title “Amazon of Auto” after it sold a whopping 94,108 used vehicles online in 2018. The figure was more than double the number of vehicles they sold in 2017. Carvana declared annual revenue of nearly $2 billion in 2018, up from $859 million in 2017. Carvana won the hearts of online customers as they could save huge sums of money by buying Cars online through this website.
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