Summary
Carvana Co., based in Arizona, is an e-commerce platform for buying and selling used cars. The platform enables customers to complete a purchase or sale, secure financing, and schedule delivery or pickup online. The company is the second-largest used automotive retailer in the U.S. The company completed its initial public offering (IPO) on the New York Stock Exchange on April 28, 2017.
The company competes in the $1.2 trillion retail auto industry in the U.S., $840 billion of which consists of used car sales. The auto industry accounted for 22% of the U.S. retail economy in 2022. Carvana’s sales account for 1.5% of used car sales – the largest dealer brand market share in the U.S. The digital economy is transforming car buying, with 86% of customer purchases involving online research and 61% of customers considering b
