- While the coronavirus pandemic has devastated some industries, others have benefited as COVID-19 alters consumer spending.
- As even more shopping is done online - and buyers opt for used cars over new - Carvana, was well positioned.
- The Phoenix-based company sells used cars online out of giant vending machines.
- Bloomberg reports Carvana stock surged 31% Tuesday after the company projected record revenue and profit margins. The company's stock is up nearly 150% for the year. Tuesday's jump netted the father and son owners $5 billion in a single day. Together, Ernie Garcia II and son Ernest are worth more than $21 billion.
WHAT IS THE CAR-LURE?
According to Carvana's website -
- They allow customers the option of over 19,000 vehicles
- You can complete your purchase in as little as 10 minutes (* I highly recommend taking at least 12 minutes)
- Potential car-buyers have the option to pick-up their new car at more than a dozen car-vending machine locations around the country.
- And you get to use a GIANT coin to retrieve your car from the vending machine (*How fun is THAT?!)