A Brief History of Carvana Co. (CVNA)

Carvana Co. is an online platform for buying and selling used cars, founded in 2013 by Ernest Garcia III, Ryan Keeton, and Ben Huston. The company is headquartered in Tempe, Arizona.

The idea for Carvana came about when Ernest Garcia III, who had been in the car dealership business for years, saw an opportunity to revolutionize the way people buy cars. He wanted to create a platform that would allow customers to browse, finance, purchase, and trade in cars online, without ever having to visit a dealership.

In 2014, Carvana launched its first online platform, offering customers the ability to browse through a wide selection of certified pre-owned vehicles, complete with 360-degree virtual tours and detailed vehicle histories. The company also introduced a unique vending machine concept, allowing customers to pick up their purchased cars from a giant automated tower.

Carvana went public in April 2017, trading on the New York Stock Exchange under the ticker symbol CVNA. The company has since expanded its operations to over 270 markets across the United States, providing customers with a seamless online car buying experience.

• 2013: Carvana Co. was founded by Ernest Garcia III, Ryan Keeton, and Ben Huston.
• 2014: Carvana launched its first online platform with virtual tours and vending machine pickup.
• 2017: Carvana went public on the NYSE under the ticker symbol CVNA.

Who Owns Carvana Co. (CVNA)

Carvana Co. (CVNA) is a publicly traded company, which means that it is owned by a combination of individual and institutional investors who hold shares of the company's stock. As of the latest available data, the largest shareholders of Carvana Co. are:

• Ernest Garcia II: Ernest Garcia II is the Chairman and largest shareholder of Carvana Co. He is also the founder of DriveTime Automotive, a used car retailer, which is closely connected to Carvana Co.
• Sequoia Capital: Sequoia Capital is a venture capital firm that has invested in Carvana Co. and holds a significant stake in the company.
• T. Rowe Price Associates: T. Rowe Price Associates is an investment management firm that is also a major shareholder of Carvana Co.
• BlackRock: BlackRock is another institutional investor that owns a substantial amount of shares in Carvana Co.

Carvana Co. (CVNA) Mission Statement

Carvana Co. (CVNA) is a company that revolutionizes the car buying experience by providing customers with a seamless and convenient online platform to purchase and finance vehicles. The company's mission is to transform the way people buy cars by offering a transparent and hassle-free process that puts the customer's needs first.

At Carvana, our commitment is to provide an exceptional customer experience from start to finish. We strive to eliminate the traditional barriers to car buying, such as pushy salespeople, haggling over prices, and long wait times at dealerships.

• Transparency: We believe in providing customers with all the information they need to make an informed decision, including vehicle history reports, detailed photos, and accurate pricing.
• Convenience: Our online platform allows customers to browse, purchase, and finance a car from the comfort of their own home, with the option for home delivery or pick-up at a Carvana vending machine.
• Customer Focus: Our dedicated customer support team is available to assist customers at every step of the car buying process, ensuring a smooth and enjoyable experience.

How Carvana Co. (CVNA) Works

Carvana Co. (CVNA) is an online used car retailer that has revolutionized the way people buy cars. The company's business model is centered around providing customers with a hassle-free car buying experience that eliminates the need for traditional dealerships.

When a customer visits the Carvana website, they can browse through an extensive selection of used cars, which includes high-quality photos and detailed information about each vehicle. Once the customer finds a car they are interested in, they can complete the entire purchase online.

Carvana offers several unique features that set it apart from traditional car dealerships. One of the most popular features is the company's patented "Car Vending Machine," which is a giant structure that dispenses cars to customers who choose to pick up their vehicle in person.

Another key feature of Carvana's business model is their "7-day return policy," which allows customers to test drive their new car for a full week and return it for a full refund if they are not satisfied.

• Step 1: Browse through Carvana's online inventory and select a car.
• Step 2: Complete the purchase online, including financing and trade-in options.
• Step 3: Choose to have the car delivered to your doorstep or pick it up from a Car Vending Machine.
• Step 4: Test drive the car for 7 days and return it if you are not satisfied.

Carvana Co. has disrupted the traditional car buying industry by offering a convenient and transparent way for customers to purchase used cars online. With innovative features and exceptional customer service, Carvana has quickly become a popular choice for consumers looking to buy a car without the hassle of dealing with a traditional dealership.

How Carvana Co. (CVNA) Makes Money

Carvana Co. (CVNA) is an e-commerce platform for buying and selling used cars. The company generates revenue through several key sources:

• Vehicle Sales: Carvana makes the majority of its revenue from selling used cars through its online platform. Customers can browse through a wide selection of vehicles, complete the entire purchasing process online, and have the car delivered to their doorstep.
• Finance and Insurance: In addition to selling cars, Carvana also offers financing and insurance products to its customers. This includes loans for purchasing vehicles as well as extended warranties and gap insurance.
• Delivery Fees: While Carvana offers free delivery within a certain radius of its distribution centers, customers outside of this area may incur delivery fees. These fees contribute to Carvana's revenue stream.
• Vehicle Trade-Ins: Customers can also trade in their current vehicles when purchasing a car from Carvana. The company will assess the value of the trade-in vehicle and apply that value towards the purchase price of the new car.
• Other Services: Carvana also generates revenue from other services, such as vehicle reconditioning, document fees, and vehicle protection plans. These additional services provide customers with options to enhance their car-buying experience.