Carvana Closes $160 Million Funding Round, Bringing Total Funding to Nearly Half a Billion Dollars

Phoenix-Based Startup Continues Rapid Growth While Revolutionizing
the Car Buying Industry

PHOENIX–(BUSINESS WIRE)–Carvana,
the leading national online auto retailer and creator of the world’s
first coin-operated Car Vending Machine
, today announced it closed a
new $160 million Series C funding round, bringing total funding to $460
million.


This funding round will be used to support Carvana’s growth, including
expanding physical operations and Car Vending Machines to new markets
across the country, hiring new talent across all offices, continuing
investment in cutting-edge technology that delivers the best customer
experience possible, and increasing Carvana’s inventory to more than
10,000 company-owned vehicles by the end of 2016.

“We are incredibly excited to share that Carvana has officially closed
its largest round of funding to date. That funding was secured through
both existing and new investors, and is a testament to our team and the
hard work everyone has put in to build Carvana into the brand it is
today,” said Ernie Garcia, founder and CEO of Carvana. “We’re founded in
the belief that consumers deserve a better, more efficient and
transparent way to buy a car. People continue to enthusiastically
respond to that idea, and our investors are wholeheartedly behind us in
this mission. With this funding, we’ll be able to continue meeting
customer demand for the unique Carvana experience, and pursue our
mission to revolutionize how people buy cars.”

Over the past year, Carvana has launched the world’s first-ever,
coin-operated and fully automated Car Vending Machine and has also
tripled the number of markets where it has a physical operation,
bringing the total markets to date to 15 – six of which launched within
the past five months with several more planned by the end of the year.
While Carvana already delivers to customers nationwide, it is now able
to offer delivery as soon as the next-day to the following markets:
Atlanta, Austin, Birmingham, Charlotte, Dallas, Houston, Jacksonville,
Miami, Nashville, Orlando, Raleigh, Richmond, San Antonio, Tampa and
Washington, D.C.

About Carvana

Founded in 2013 and based in Phoenix, Ariz., Carvana is the first
complete online auto retailer offering vehicle purchase in as little as
11 minutes, with an average savings of $1,681. Additionally, Carvana
launched the world’s first-ever, fully-automated, coin-operated car
Vending Machine, in Nashville, Tenn. With Carvana, you can shop for,
finance, purchase and trade-in a car entirely online, while also
receiving as soon as next-day vehicle delivery or pick-up at the
nation’s first vehicle vending machine. Carvana cars come with an
accident-free guarantee, undergo a rigorous 150-point inspection and
come with a 100-day/4,189 mile bumper-to-bumper warranty, as well as a
7-Day Return Policy. Carvana is revolutionizing the car buying process
through technology, transparency and exceptional customer service, while
eliminating the pressure, hassles and hidden fees that come with buying
from a dealership.

For further information on Carvana please visit www.carvana.com,
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Contacts

for Carvana
Alison Deffner
Carvana@olson.com