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Carvana was founded by Ernest Garcia III, Ryan Keeton and Ben Huston in 2012. The company's initial funding round came from the used car retailer and finance company DriveTime. [4] A year later Carvana opened its first iteration of a car vending machine.
Sister companies spun off from the company include GO Financial, Carvana and SilverRock Group. [13] DriveTime ranked 3,793 on the Inc. 5000 list of fastest growing companies after posting $2 billion in revenue and adding 1,192 jobs in 2014. [14] DriveTime ranked No. 15 on Computerworld's 100 Best Places to Work in IT list in 2015. [8]
He joined DriveTime in 2007, before co-founding (with Ryan Keeton and Ben Huston) its subsidiary Carvana in 2012, with Garcia as president and CEO since its inception. [1] [3] [8] [9] Carvana was eventually spun out from DriveTime and given an IPO in 2017. [1] At that time, Garcia became chairman of Carvana. [10]
Carvana's financial results have been volatile in recent years. Revenue growth surged 129% in 2021, driven by 74% more units being sold. Low interest rates spurred demand for used vehicles.
Ernest García II was born May 1, 1957, [2] the son of Ernest Garcia, who co-owned a liquor store with Frank Colaianni, and was once the mayor of Gallup, New Mexico. [3] He dropped out, but eventually earned a bachelor's degree from the University of Arizona.
The company was an early adopter of the "haggle-free" approach to pricing used cars, later used by competitor CarMax and online used car retailers like Carvana. While most small used car dealers sell vehicles " as is ", Enterprise offers a 7-day/1,000-mile buyback policy, a 12-month/12,000-mile limited powertrain warranty and 12 months of ...
Tempe is the headquarters and executive office of one Fortune 500 company: DriveTime. Benchmark Electronics, Carvana, GoDaddy, NortonLifeLock, [19] First Solar, [20] [21] the Salt River Project, Circle K, and Fulton Homes are also headquartered in Tempe.
Vroom, Inc. is a parent company of United Auto Credit Corporation (UACC) and CarStory. Previously, it was a used car retailer and e-commerce company that let consumers buy, sell, and finance cars online. [3] Vroom ceased e-commerce automotive sales operations on January 22, 2024. [4] [5]