Carvana, a national online auto retailer — and creator of the world’s first coin-operated Car Vending Machine — announced yesterday the closing of a $160 million Series C funding round, according to a press release.
The latest round of funding, which brings the Phoenix-based startup’s total funding to $460 million, will be put towards expanding its physical operations and Car Vending Machines to new markets nationwide, expanding its staff, and pushing on the R&D front for customer experience’s sake, according to the release.
Carvana is also aiming to increase its inventory of used vehicles to more than 10,000 cars by the yearend.
“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,” Ernie Garcie, Carvana’s founder and chief executive, said in a release. “With this funding, we’ll be able to continue meeting customer demand for the unique Carvana experience.”
Although the machine isn’t literally a coin-operated vending machine, it allows customers to order a vehicle without the hassle of waiting at a dealership through a digital interface. Carvana launched the first coin-operated Car Vending Machine in November 2015. In the past year the company tripled the number of markets where it physically operates to 15. Six of these markets have opened in the last five months — with several more planned by yearend, according to the release.
Carvana now offers next-day delivery to all 15 markets that it serves.
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