Entrepreneurrecognized Carvana as a well-rounded company that has mastered a balance of impact, innovation, growth and leadership.
"We're extremely honored to be recognized as one of Entrepreneur's best privately-owned companies," says Ernie Garcia, Carvana CEO and co-founder. "We were founded on the principle that consumers deserved a better way to buy a car, and we have continuously worked on all areas of our business to ensure their needs are being met and their expectations are exceeded."
"Our annual evaluation offers a 360-degree analysis of the current private-business landscape," explains Lisa Murray, Chief Insights Officer of Entrepreneur Media, Inc. "Top performers are determined by how well-rounded they are in these four key operative areas. Entrepreneurship is a complex endeavor—this listing recognizes those who have mastered the challenges and are thriving this year."
Carvana continues to disrupt the 75-year-old, antiquated car dealership model by putting the consumer back at the center of the process and using technology to revolutionize the car-buying experience. It is the only company to allow its customers to search for, buy, finance and sell their car entirely online in 20 minutes or less without ever stepping foot inside a dealership. Central to Carvana's customer-first approach, the company provides a 7-day return policy for every vehicle from its growing inventory of more than 5,000 company-owned cars. Carvana invests heavily in advanced, proprietary technology to give customers every tool they need to complete the entire car-buying or selling transaction from the comfort of their own home, all while saving an average of $1,461 per purchase.
Honorees were identified based on the results from a comprehensive study of independently-owned companies, using a proprietary algorithm and other advanced analytics. The algorithm was built on a balanced scorecard designed to measure four metrics reflecting major pillars of entrepreneurship—innovation, growth, leadership and impact.