Carvana, founded in 2013 by the owner of Drivetime Earnest Garcia II, sells inspected, certified cars online with a seven-day “test buy” period, passing on savings to consumers who can bypass dealerships and sales commissions.
The company allows clients to shop, finance, and even trade in their current used car, all online. Cars can be transferred nationwide and are generally picked up at what is known as “vending machine” sites, which accept a special type of coin that is mailed to the customer after the sale has been completed. Using the company’s online 360 viewing camera, clients can inspect every part of the vehicle, inside and out.
Carvana is listed as #34 on the 2017 Inc. 5000 list of Fastest Growing Companies in America. In 2016, the company had annual revenue of $365.1 million and a three-year growth rate of 7,925%. The company also took the #1 spot on the Inc. list of Top Arizona Companies & Top Phoenix Companies, as well as the #2 spot for Top Retail Companies.
The company also ranked 5th on the Forbes 2015 list of America’s Most Promising Companies. Carvana has distribution centers in Atlanta, Georgia; Nashville, Tennessee; and Charlotte, North Carolina. The company also has a physical presence in Houston, Austin, Dallas, San Antonio, and Pittsburgh, Texas; and St. Louis, Missouri.
In order to fight the coronavirus, the company launched a virtual tour of its most impressive cars, including a Porsche 911, in September 2020.
Carvana maintains a corporate office in Phoenix, Arizona.