Carvana, the online used car dealer that was also responsible for what’s considered the world’s first coin-op car vending machine, has closed a $160 million series C funding round, taking its total funding to $460 million.
Founded out of Phoenix, Arizona in 2013, Carvana serves as a platform for car buyers looking to buy and trade-in cars and also provides financing options for those unable to pay upfront. In December 2013, the company opened a used-car “vending machine” in Atlanta, allowing customers to collect cars they had purchased online or buy one the company has in stock at the actual location – all without dealing with any human salesperson.
The initiative has been widened since, and in November of last year Carvana opened its first coin-operated machine in Nashville, essentially a five-story unit replete with automobiles.
Once a customer has bought a car through the Carvana website, they visit the gargantuan kiosk, where they will find their name and a Carvana-branded coin that they insert into a slot.
Though Carvana has garnered headlines for its car vending machine, it also delivers cars to buyers across the country and offers next-day deliveries in a handful of markets. It promises vehicle purchases that can take as little as 11 minutes to conclude.
As with previous rounds, Carvana hasn’t revealed who its latest investors are, but it did confirm that the round involved both new and existing investors and was its biggest to date.
“[It’s] 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, in a press release. “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.”
More specifically, the fresh cash injection will be used to support Carvana’s growth, including hiring new talent, increasing its inventory, and introducing more of its quirky car vending machines across the U.S.