Online used-car retailer Carvana on Tuesday announced the company will expand to Miami, part of its growing roster of as-soon-as next-day delivery locations across the country. Through this expansion, the company is now poised to deliver to the doors of nearly 44.7 million consumers nationwide, the company said.
Miami marks Phoenix, Arizona-based Carvana’s 13th market, and will be the fourth in Florida. Carvana is also available in Tampa, Orlando, Jacksonville, Atlanta, Charlotte, Dallas and a number of other markets, mainly in the Southeast. To fund its expansion, the company has raised $300 million in venture capital since its launch in 2013. Carvana has grown from $4 million in revenue in 2013 to a $300 million revenue run rate in 2016, a spokeswoman said.
Carvana.com is overhauling the traditional car dealership model by providing consumers the tech tools to shop for, finance, purchase and trade in a car – without ever stepping foot into a dealership. The company said it is the first online auto retailer offering vehicle purchase in as little at 11 minutes, with an average savings of $1,681 off Blue Book values. Carvana guarantees the cars it sells were not in accidents. They undergo a 150-point inspection and come with a 100-day/4,189-mile bumper-to-bumper warranty, as well as a seven-day no-questions-asked return policy.
“Miami is an incredibly diverse market with deep ties to tech and early adoption, and we’re excited to be a part of it and further drive innovation by offering a better way to buy a car,” said Ernie Garcia, founder and CEO of Carvana, in a news release.
Unlike its competitor Beepi, which launched its peer-to-peer marketplace in Miami last year, Carvana buys preowned automobiles directly from consumers, fleets and auctions, and prepares them for sale to consumers.