ATLANTA -

First launched in January, online used-vehicle retailer Carvana unveiled a new tool today to further enhance what the company said is transparency in the purchasing process.

Carvana launched its market price comparison tool called FairCompare, which is designed to allow consumers to evaluate the price of a Carvana vehicle side-by-side with comparable models in their area based on average market price, make, model, year, package and mileage.

The company contends savings on average translate to a $1,000 to $1,500, excluding documentation fees. 

Carvana explained that it leverages leading industry data to pull local vehicle information for an accurate and real-time market comparison. FairCompare can provide consumers the calculation of savings versus market average as well as the ability to transition from shopping to buying a vehicle in a single click.

“Carvana was founded on the belief that by removing physical infrastructure from the car buying process, we could create real savings of time and money and give consumers the peace of mind of knowing they are getting a fair deal,” Carvana president Ernie Garcia said.

“Because we have a real cost structure benefit compared to dealerships, we want to make sure it is as easy as possible for our customers to compare Carvana vehicles to what else is out there. That is what FairCompare is all about,” Garcia continued.

Carvana utilizes technology to offer consumers the ability to control every part of the online purchase process — from 360-degree vehicle tours, to financing, verifications, trade-in, scheduling delivery and down payment.

As an extension of the market price comparison tool, Carvana has plans to develop a slate of transparency features aimed at giving consumers insight into interest rates and loan terms.

All company-owned vehicles available on the site are Carvana Certified, which includes a 100-day or 4,189-mile bumper-to-bumper warranty and a seven-day money-back guarantee.

For more details, visit www.carvana.com.

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