Carvana Co
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Consumer Discretionary : Specialty Retail | Large Cap Growth
Company profile

Carvana Co. is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices. The Company’s transaction technologies and online platform transform a traditionally time consuming process by allowing customers to secure financing, complete a purchase and schedule delivery online.

Closing Price
$249.14
Day's Change
10.98 (4.61%)
Bid
--
Ask
--
B/A Size
--
Day's High
250.66
Day's Low
240.60
Volume
(Light)
Volume:
1,213,028

10-day average volume:
1,574,123
1,213,028

Carvana Revs up Car Buying in the Motor City with Country's Newest Car Vending Machine

6:00 am ET October 1, 2020 (BusinessWire) Print

Today Carvana (NYSE: CVNA), a leading e-commerce platform for buying and selling used cars, launched its newest Car Vending Machine in Detroit. The brick and glass structure stands eight stories tall with a 27-vehicle capacity, offering car buyers in the area an entirely New Way To Buy A Car(R). In as little as five minutes, customers can shop an inventory of more than 20,000 vehicles, finance, purchase, trade in, and schedule as-soon-as-next-day pick up at the new Detroit Car Vending Machine. Area customers may also choose touchless home delivery.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201001005124/en/

The Carvana experience saves customers valuable time and money by allowing them to skip the dealership and shop online. Customers can set appointments by selecting a day and time convenient for them, at which time they will be the only customer inside the vending machine. They will be greeted by a Customer Advocate and receive a commemorative, oversized Carvana coin to activate the automated vending process. Car buyers can then get an immersive, central view of their vehicle descending through the structure from the heart of the all-glass tower.

Carvana has also upgraded the concept of the traditional test drive--car buyers get to live with the car for a full week to ensure the vehicle fits their needs and lifestyle. Customers can see how their new vehicle handles the terrain of everyday life, from weekend road trips to Lake Erie, to long stretches down I-75; all backed by the peace of mind of a seven-day return policy and the knowledge that Carvana vehicles pass a rigorous, 150-point inspection, have no frame damage, and have never been in a reported accident. Features, imperfections, and updated information about open safety recalls are listed on every car's vehicle description page.

Customers can also sell their current vehicle to Carvana and receive a real offer in just minutes--even without purchasing a vehicle.

"When we debuted New Way To Buy A Car(R) in Detroit in 2017, we were proud to become a part of a community known for its automotive innovation," said Ernie Garcia, founder and CEO of Carvana. "That was a big moment for us--at the time we didn't know how big. Three years later, we're continuing to contribute innovations to the Motor City with our signature Car Vending Machine."

The newest Car Vending Machine is the first of its kind in the state of Michigan, and the 26th in the U.S. Additional Car Vending Machines are located in Kentucky, Tennessee, Texas, Florida, Maryland, Arizona, Ohio, Pennsylvania, Indiana, Illinois, Missouri, North Carolina, Oklahoma and California.

The Detroit Car Vending Machine is located at 26890 Adell Center Dr. in Novi. Location hours are Monday through Saturday from 9 a.m. to 7 p.m. ET. Vehicle pickup at any of Carvana's Car Vending Machines is free for all Carvana 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 20,000 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/20201001005124/en/

SOURCE: Carvana">

Carvana
Amy O'Hara
602-558-7848
press@carvana.com
comtex tracking

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