Carvana, the leading national online auto retailer and creator of the world’s first coin-operated Car Vending Machine, closed a new $160 million Series C funding round, bringing total funding to $460 million.
Founded in 2013 and based in Phoenix, Ariz., Carvana is the first complete online auto retailer offering vehicle purchase in as little as 11 minutes, with an average savings of $1,681. Additionally, Carvana launched the world’s first-ever, fully-automated, coin-operated car Vending Machine, in Nashville, Tenn. With Carvana, you can shop for, finance, purchase and trade-in a car entirely online, while also receiving as soon as next-day vehicle delivery or pick-up at the nation’s first vehicle vending machine.
This funding round will be used to support Carvana’s growth, including expanding physical operations and Car Vending Machines to new markets across the country, hiring new talent across all offices, continuing investment in cutting-edge technology that delivers the best customer experience possible, and increasing Carvana’s inventory to more than 10,000 company-owned vehicles by the end of 2016.
“We are incredibly excited to share that Carvana has officially closed its largest round of funding to date. That funding was secured through both existing and new investors, and is a testament to our team and the hard work everyone has put in to build Carvana into the brand it is today,” said Ernie Garcia, founder and CEO of Carvana. “We’re founded in the belief that consumers deserve a better, more efficient and transparent way to buy a car. People continue to enthusiastically respond to that idea, and our investors are wholeheartedly behind us in this mission. With this funding, we’ll be able to continue meeting customer demand for the unique Carvana experience, and pursue our mission to revolutionize how people buy cars.”
Over the past year, Carvana has launched the world’s first-ever, coin-operated and fully automated Car Vending Machine and has also tripled the number of markets where it has a physical operation, bringing the total markets to date to 15 – six of which launched within the past five months with several more planned by the end of the year. While Carvana already delivers to customers nationwide, it is now able to offer delivery as soon as the next-day to the following markets: Atlanta, Austin, Birmingham, Charlotte, Dallas, Houston, Jacksonville, Miami, Nashville, Orlando, Raleigh, Richmond, San Antonio, Tampa and Washington, D.C.