Carvana is an online retailer of used cars in Tempe, Arizona. Popular for its multi-story vending machines, the company is rapidly becoming one of the most popular online used car dealers in the U.S.
Carvana was also included in the Fortune 500 list for 2021, making it the youngest company on the list. Approximately 20,000 people work for Carvana as of January 2022.
|Founded by (CEO of Carvana)||Ernest Garcia|
|Company based on||Online retailer of used cars|
|Ernie Garcia III Net worth||$4.1 Billion (2022)|
|Carvana Net Worth||$25 Billion (Last Updated 2022)|
Carvana Net Worth
As of 2022, Carvana is worth $25 billion. With Carvana, people can buy and sell cars online and make the process more convenient.
Ernie Garcia III, the chairman, CEO, and president of Carvana, came up with the idea for the company when he worked for DriveTime, his father’s business. The wholesale car auctions inspired the idea, which takes less than 30 seconds and offers a return policy.
Garcia III believed this type of vehicle buying experience would be more appealing for retail customers, compared to negotiating with a traditional dealer for four hours or more. According to Forbes, this founder of Carvana has an estimated net worth of $8.3 billion.
Ben Huston co-founded Carvana, which he currently leads as chief operating officer. Ryan Keeton serves as Carvana’s chief brand officer – a position he has held since he helped to co-find the firm in 2012.
Ben Huston, Ernest Garcia III, and Ryan Keeton founded Carvana in 2012. DriveTime provided the initial funding round for the startup.
The first Carvana vending machine was opened in November 2013. An automated coin-operated car vending machine was introduced in 2015 in Nashville, Tennessee.
The company became public in April 2017 and started trading under the symbol CVNA on the New York Stock Exchange.
The company introduced touchless pickup and delivery in March 2020 in response to COVID-19. In the second quarter of 2020, its sales increased by 25% due to physical dealerships closing as a result of the COVID-19 pandemic. For the months April through June 2020, Carvana generated $1.12 billion in revenue, an increase of 13%.