Carvana raises a $160M Series C to expand its online dealership and car vending machines nationwide

The used car industry is an interesting business. The market is huge – 45 million used cars are bought each year in the U.S. But the biggest player, CarMax, only controls about 2% of the market – but is still valued at about $12 billion by Wall Street.

So that makes the market not only ripe for disruption, but also extremely lucrative.

Carvana is a used car dealer that thinks it can gain some of this marketshare by bringing an e-commerce approach to the industry. The startup, which we’ve covered before, has brought the entire sales process online. And today the startup is announcing that is has raised a $160M series C to further expand its model across the United States.

A prospective car buyers stars on Carvana’s website, and picks out the exact car they want. The…

Read Story