Carvana Catapults Onto the Fortune 500® List in Only Eight Years, One of the Fastest Rises to Date
Editor's Note:Congratulations Carvana you sure know how to play the game. Who would have thunk it that a purveyor of used cars could rise to this lofty perch. I guess if you have Wall Street sharks providing hundreds of millions of dollars of other people's money to play with and still don't have to show a profit, just revenue (Oh by the way Carvana claims over $3k gross profit per used car sold), and you have lazy fat and behind the times competition it is possible, used cars.... hmmmm.
PHOENIX--Carvana , the leading e-commerce platform for buying and selling used cars, today debuted on the Fortune 500® at no. 483; one of the fastest growing tech companies added to the prestigious list. Based on organic growth alone, only Amazon and Google made it to the Fortune 500 faster. Carvana is one of the youngest companies to make the 2021 Fortune 500 List, and its trajectory proves that its people, through their passion, determination and commitment to customers, powered this significant milestone.
“Since day one, Carvana’s core values have guided our decisions. Through a constant focus on our customers, technology and innovation, we operate with shared core values, setting a new automotive retail standard for how customers should be treated: with care, honesty and respect,” said Ernie Garcia, Carvana founder and CEO. “Our engine of growth is powered by amazing and ambitious people with boundless energy and discipline, who feel like they're part of something, who have chosen to care a little more than most, who learn and get a little better every day, and who have fun along the way.”
Carvana set out to create a better experience for car buyers, pioneering online car buying and virtual vehicle tours just over eight years ago. Powered by a community of more than 10,000 team members, Carvana is changing the way people buy – and sell – cars, demonstrated by becoming the fastest organic growth company of any automotive retailer in U.S. history. In just eight years, Carvana revenue has grown 1000x; $4.6 million in revenue in 2013, to $5.587 billion in revenue in 2020.
Carvana believes that everyone deserves straightforward access to car ownership, and in 2020, became the second largest seller of used cars in the country. With transparency that gives customers choice and control over their car purchasing decisions, Carvana offers as-soon-as-next-day delivery of its nationwide inventory to 74.5 percent of the U.S. population.
Founded in 2012 and based in Phoenix, Carvana’s 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 30,000 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.