Carvana celebrates $600M from investors, schedules online shareholder meeting
Along with announcing its annual meeting of stockholders will be held in a virtual format only, Carvana this week welcomed the influx of funding it gathered from investors.
Through its previously announced initiative, Carvana said it has raised $600 million from investors in support of continued innovation and growth of what the company deems to be the “safer way to buy a car.”
As consumers increasingly demand an online retail environment so they can get important resources like groceries or medication, Carvana also insisted potential vehicle buyers are reshaping what is becoming a new normal, making the injection of funds even more crucial as the industry navigates the coronavirus pandemic.
Just a couple of weeks ago, Carvana rolled out its touchless delivery strategy.
“We built Carvana because we believed lower prices, a broader selection, a simpler experience, and a seven-day return policy would be a better offering for our customers. The growth we have seen over the last seven years has made it clear that for many customers, that was true,” Carvana founder and chief executive officer Ernie Garcia said in a news release.
“But now we’re all in a different world. Safety is our No. 1 priority. And we’re here to help,” Garcia continued. “The customer offering we have built enables us to provide the same high quality experiences to customers with Touchless Delivery. Now the New Way to Buy a Car is also the safer way to buy a car.”
Carvana’s immediate response to COVID-19 included instituting CDC-recommended sanitization and social-distancing measures company-wide, as well as developing that touchless delivery process to further enhance the safety of its employees and customers.
And Carvana now has $600 million to augment its other sales strategies such as no-haggle pricing, financing decisions in minutes without consumers’ credit scores being impacted and detailed 360-degree virtual vehicle tours.
“Carvana has always been the most trustworthy company in the used car industry. Trust it earned by delivering the best prices, selection, service and convenience with the peace of mind of a 7-day return policy,” CAS Investment Partners founder Clifford Sosin said in the news release.
“I’ve always expected that as consumers came to experience Carvana’s unique model they would never buy a car from anyone else,” Sosin said. “Carvana is now also the safest way to buy a car. I expect that this will accelerate their growing presence in the market while helping people get the transportation they need to serve others.”
With the positive momentum generated during recent weeks, Carvana will host its annual meeting via a webcast, including closed captioning, on April 21.
Carvana indicated only stockholders as of the close of business on Feb. 25 will be permitted to access the annual meeting. All stockholders who wish to access the annual meeting webcast must pre-register by 5 p.m. ET on April 17.
The pre-registration instructions will require stockholders to enter the control number found on their proxy card, voting instruction form or notice they previously received.
“Only stockholders that have pre-registered for the webcast will be permitted to attend and vote during the annual meeting,” Carvana said. “To vote in the annual meeting webcast, you must enter the control number found on your proxy card, voting instruction form, or notice you previously received.
The registration and other meeting details can be accessed at http://www.proxydocs.com/CVNA.