Carvana, an online used-car retailer, is expanding its geographic reach in the southern states as a part of its sales growth roadmap. Already in June, the Tempe, Ariz.-based company entered four North Carolina markets, two South Carolina markets, and two Central Florida markets, according to company press releases.
Bolstering the platform’s southern presence is one part of the company’s growth strategy, which “involves a mix of expansion into new markets and increasing penetration in existing markets,” said Christina Keiser, vice president of strategy at Carvana. “The recent market launches in Florida, North Carolina, South Carolina, and beyond are evidence of that strategy at work.”
Carvana added 24 markets in the first quarter, bringing its total to 109. In May, the company boosted its Mid-Atlantic and Wisconsin markets.
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The retailer, which operates its own financing arm, also more than doubled its originations year over year, bumping it to the No. 53 spot on on the Big Wheels Auto Finance Data 2019 ranking, which lists the nation’s top auto lenders. In 2018, Carvana originated $1.23 billion loans, up from $510 million the year prior. For comparison, Carvana was unranked in Big Wheels Auto Finance 2018.
The company’s first-quarter revenue increased 110% year over year — to $755 million, according to a June company presentation.
