Carvana, the Tempe-based e-commerce platform for buying and selling used cars, debuted on the Fortune 500 this week, at No. 483.
The fast-growing tech company is one of the youngest companies to make the Fortune 500 this year.
The company known for its car vending machines was founded in 2012 as a solution for a better car buying experience. Carvana removed the traditional dealership infrastructure and focused on technology and customer service.
Carvana’s online solution ended up changing the way people buy and sell cars. Since the company was founded, its revenue has grown from $4.6 million in 2013 to $5.587 billion in 2020.
Carvana has over 10,000 employees who, according to co-founder and CEO Ernie Garcia, have bought into the company’s core values since day one.
“Through a constant focus on our customers, technology and innovation, we operate with shared core values, setting a new automotive retail standard for how customers should be treated: with care, honesty and respect,” Garcia said in a statement. “Our engine of growth is powered by amazing and ambitious people with boundless energy and discipline, who feel like they’re part of something, who have chosen to care a little more than most, who learn and get a little better every day, and who have fun along the way.”
In 2020, Carvana became the second-largest used car dealer in the country. The company prioritizes transparency through the car buying process, giving customers control over their purchasing decisions.
Carvana.com allows consumers to shop more than 30,000 cars, and trade-in or sell their current car to Carvana, as well as finance, sign contracts, and schedule delivery or pickup of their new car. Carvana even offers as-soon-as-next-day delivery to almost 75% of the U.S. population, or customers can pick up at an automated car vending machine.