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…