Carvana, a Phoenix, Ariz.-based national online auto retailer and creator of a coin-operated Car Vending Machine, closed a new $160m Series C funding round.
The backers were not disclosed.
The company, which has raised a total of $460m, intends to use the funds to expand physical operations and Car Vending Machines to new markets across the country, hire new people, continue to invest in technology and to increase its inventory to more than 10,000 company-owned vehicles by the end of 2016.
Founded in 2013 by Ernie Garcia, CEO, Carvana offers automated, coin-operated car vending machines, which allow people to shop for, finance, purchase and trade-in a car entirely online, while receiving next-day vehicle delivery or pick-up. Cars come with an accident-free guarantee, undergo a 150-point inspection and come with a 100-day/4,189 mile bumper-to-bumper warranty, as well as a 7-Day Return Policy.
The company already delivers to customers nationwide and offers delivery as soon as the next-day to the following markets: Atlanta, Austin, Birmingham, Charlotte, Dallas, Houston, Jacksonville, Miami, Nashville, Orlando, Raleigh, Richmond, San Antonio, Tampa and Washington, D.C.