Carvana Raises $600 Million to Continue Growing, Innovating Safer Way to Buy a Car
April 02 2020 - 2:11PM
Business Wire
Investors endorse Carvana’s leadership amid
changing consumer needs
Carvana (NYSE: CVNA), a leading e-commerce platform for buying
and selling used cars, is fully committed to ensuring consumers can
easily purchase a vehicle in this unprecedented era, and do so
safely. As consumers increasingly demand an online retail
environment so they can get important resources like groceries or
medication, they are reshaping what is becoming a new normal.
Observing this new normal and how it’s shifting car buying entirely
online, Carvana has raised $600 million from investors in support
of continued innovation and growth of the safer way to buy a
car.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200402005743/en/
At a time when many businesses are
pivoting to the new normal of online sales, Carvana is leading the
way, executing on seven years of growth and consumer demand for The
New Way to Buy a Car™ (Photo: Business Wire)
"We built Carvana because we believed lower prices, a broader
selection, a simpler experience, and a 7-day return policy would be
a better offering for our customers. The growth we have seen over
the last seven years has made it clear that for many customers,
that was true," said Ernie Garcia, Carvana founder and CEO. "But
now we’re all in a different world. Safety is our number one
priority. And we’re here to help. The customer offering we have
built enables us to provide the same high quality experiences to
customers with Touchless Delivery. Now the New Way to Buy a Car™ is
also the safer way to buy a car."
As the pioneer of 100 percent online car buying, Carvana made
every step of the process self-serve, easy and transparent: more
than 25,000 vehicles to shop from home, no-haggle pricing,
financing decisions in minutes with no hit to your credit score,
detailed 360-degree virtual vehicle tours and the peace of mind of
a 7-day return policy. At a time when many businesses are pivoting
to the new normal of online sales, Carvana is leading the way,
executing on seven years of growth and consumer demand for The New
Way to Buy a Car™ that made Carvana the fastest-growing auto
retailer in U.S. history. Investors have now provided $600 million
to Carvana, acknowledging the company’s clear leadership, as well
as its favorable positioning for effectively servicing consumers in
the new normal.
"Carvana has always been the most trustworthy company in the
used car industry. Trust it earned by delivering the best prices,
selection, service and convenience with the peace of mind of a
7-day return policy," said Clifford Sosin, founder, CAS Investment
Partners. "I’ve always expected that as consumers came to
experience Carvana’s unique model they would never buy a car from
anyone else. Carvana is now also the safest way to buy a car. I
expect that this will accelerate their growing presence in the
market while helping people get the transportation they need to
serve others."
Carvana’s immediate response to COVID-19 included instituting
CDC-recommended sanitization and social-distancing measures
company-wide, as well as developing a Touchless Delivery process to
further enhance the safety of its employees and customers.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
mission is to change the way people buy cars. By removing the
traditional dealership infrastructure and replacing it with
technology and exceptional customer service, Carvana offers
consumers an intuitive and convenient online car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 25,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.
For further information on Carvana, please visit
www.carvana.com, or connect with us on Facebook, Instagram or
Twitter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200402005743/en/
Carvana Amy O’Hara 602-558-7848 press@carvana.com
Carvana (NYSE:CVNA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Carvana (NYSE:CVNA)
Historical Stock Chart
From Sep 2023 to Sep 2024