Carvana Co. is an online used car retailer based in Tempe, Arizona. The company is the fastest growing online used car dealer in the United States and is known for its multi-story car vending machines. Carvana was named to the 2021 Fortune 500 list, one of the youngest companies to be added to the list. Carvana was founded by Ryan Keeton and Ben Huston in 2012.
The company's initial funding round came from the used car retailer and finance company DriveTime. In November 2013, Carvana opened its first iteration of a car vending machine. In 2015, a fully automated, commemorative coin-operated version of the signature car vending machine opened in Nashville, Tennessee.
As of May 2022, Carvana operates 32 vending machines in the US. In April 2017, the company went public and began trading on the New York Stock Exchange under the symbol CVNA.[9] Also in 2017 Carvana acquired rival automotive startup Carlypso to enhance vehicle data and analytical tools. In April 2018, Carvana spent $22 million to acquire Mark Cuban-backed Car360 for its smartphone technology for taking vehicle photos with 3D computer vision, machine learning, and augmented reality.