We built a car vending machine. An actual, multi-story, glass tower that dispenses cars with a coin. People thought it was a gimmick. It was marketing genius.
The dealership model is designed to confuse you. Hidden fees, four-hour negotiations, a guy in a bad suit telling you he needs to "talk to his manager." We eliminated all of it.
Our stock went from $300 to $4. Then back to $150. If you sold at $4, I understand. If you held, you believed in what we were building more than the market did.
We were 90 days from bankruptcy. We cut 4,000 jobs. We renegotiated $3.5 billion in debt. And then we posted our first profitable quarter. Survival is not a strategy — but sometimes it's all you've got.
My dad built DriveTime. I grew up in the used car business. I saw everything that was broken. Carvana was my answer to all of it.
Deliver a car to someone's driveway in perfect condition with no surprises. That's it. That's the whole business. Everything else is logistics.