Carvana, the e-commerce platform for buying and selling used cars, in an effort to provide customers more flexible financing options during this difficult time, is now giving customers up to 90 days to make their first payment.

Carvana provides “Touchless Delivery” and a 7-day return policy. Customers can shop more than 25,000 vehicles on Carvana.com with high-definition, 360-degree virtual vehicle tours, finance, purchase and select as-soon-as-next-day Touchless home delivery, all in as little as 5 minutes. Customers financing with Carvana are eligible to opt in to the payment extension option, as long as they complete their purchase by April 20, 2020.

“Carvana has always been a company intensely focused on doing the right thing for our customers, and in a time when many are feeling the strain between needing safe transportation to an essential job and personal finances, we want customers to know we’re here for them,” said Ernie Garcia, Carvana founder and CEO. “Our hope is that those who simply can’t put a vehicle purchase on hold are able to get what they need quickly and easily, so they can keep moving.”

Carvana has released the first-ever online car buying analysis in the industry. The analysis examines tens of thousands of purchases and millions of site visits.

The top five cars that Carvana customers are buying are: Nissan Altima, Honda Civic, Nissan Sentra, Hyundai Elantra and Chevrolet Equinox. The top five cars its customers are selling are: the Honda Civic, Ford Mustang, Honda Accord, Honda CRV and Ford 150.

The fastest selling cars are the Volkswagen Passat, Ram 1500 and Ford Escape.

Toyota was the most searched term on the site.

More than 45 percent of Millennials accounted for Carvana’s total sales. In the trends report, a number of comparisons can be drawn between the traditional car shopper and the online car shopper. Sedans, for example, were popular with online car buyers in 2019, as well as with Millennials. Online car buyers are also speedy: one vehicle on Carvana was live on the site for just nine minutes before a customer snatched it up and completed the purchase process; compared to the average three hours one may spend at the dealership.

Carvana Co. announced financial results for the quarter and year ended Dec. 31, 2019.  The fourth quarter of 2019 included retail units sold of 50,370, an increase of 82 percent year-over-year. Revenue was $1.104 billion, an increase of 89 percent. Total gross profit (incl. gift) was $142.5 million, an increase of 154 percent. The number of vehicles purchased from customers was up 247 percent.

For the full year, retail units sold were 177,549, an increase of 89 percent. Revenue was $3.94 billion, an increase of 101 percent. The total gross profit (incl. gift) of $506.4 million, is an increase of 157 percent.

“In 2019 we had the highest organic growth year of any automotive retailer in U.S. history, driven by the quality of experiences we give to our customers,” said Ernie Garcia, founder and CEO of Carvana. “In addition, our offering of buying cars from customers saw even faster growth, more than tripling in the year.”

 

Carvana has launched as-soon-as-next-day vehicle delivery to Eau Claire, Wis., and Minnesota’s Mankato area.

“We’ve offered Wisconsin area residents our easy, transparent online car buying experience for nearly two years,” said Ernie Garcia, founder and CEO of Carvana. “Eau Claire provides us even more opportunity to show customers how much we believe in putting them in control of the purchase process.

“As we grow our presence in Minnesota, Mankato plays an important role in bringing our easy, transparent car buying solution to more and more customers.”

Carvana now offers as-soon-as-next-day vehicle delivery in 153 markets across the U.S.

Carvana expanded  as-soon-as-next-day vehicle delivery in the Southwest to Santa Fe, N.M.- area and Sierra Vista, Ariz.-area  residents. Those customers can shop more than 15,000 vehicles on Carvana.com, finance, purchase, sell or trade their current vehicle to Carvana and schedule as-soon-as-next-day delivery.

“As we grow our presence in the southwest, Santa Fe is instrumental in bringing our transparent car buying solution to more and more customers,” said Ernie Garcia, founder and CEO of Carvana. “We look forward to now offering as-soon-as-next-day vehicle delivery to Santa Fe residents, and increasing our presence in a state that has welcomed us for nearly three years.”

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