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Carvana Co. is an online used car retailer based in Tempe, Arizona. [2] Carvana was named to the 2021 Fortune 500 list, one of the youngest companies to be added to the list. [ 3 ]
DriveTime is a private company headquartered in Tempe, Arizona. [3] The company's business model is focused on selling previously owned vehicles to car-buyers. [4] It uses a proprietary credit scoring model to finance car purchases at its dealerships in-house, [5] [6] including subprime lending.
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According to one survey, more than half of dealership customers would prefer to buy directly from the manufacturer, without any monetary incentives to do so. An analyst report of a direct sales model is estimated to cut the cost of a vehicle by 8.6%. [16] This implies an even greater demand currently exists for a direct manufacturer sales model.
The company was founded by Wayne Huizenga in 1996, starting with twelve AutoNation locations, and now has more than 300 retail outlets. [7] [8] AutoNation continued growing by acquiring other companies in the car rental business such as National Car Rental, Spirit Rent-A-Car, Value Rent-A-Car, Snappy Car Rental and more. [9]
Arizona law requires all drivers to carry a minimum level of liability coverage. Every driver has to carry at least $25,000 in bodily injury liability coverage per person, $50,000 in bodily injury ...
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