Advertise, Promote, Attend, Create – Work with Connect.
A full service marketing and PR agency.
Meet the team behind the machine and taste a little of the secret sauce.

Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Phoenix & Southwest  + Phoenix  + Retail  | 

Sold! Carvana Continues to Combine Online & Physical w/ $2.2B Deal

“Spin the wheel! Boom goes the dynamite!.” Anyone near a gaming establishment may have overheard similar sentiments, but Caravan’s newest deal?? “Straight legit” – as they say. And this one is near Phoenix.

Any reader who has either searched for, or purchased a previously owned vehicle, will recall Carvana. The firm is an online used-car marketplace – and its new purchase of Kar Global’s Adesa U.S. auction subsidiary (wait for it …) has sold for $2.2 billion in cash:

Carvana is funding the purchase of ADESA by using part of a $3.275 billion loan it got from JPMorgan Chase Bank N.A. and Citi. The remaining billion dollars would be used to improve ADESA’s sites across the country.

Carvana’s new property is aimed at adding another revenue stream as well as a network of physical sites that could help bolster operations, per its own website.

Today, Carvana customers can use the company’s mobile or web app to shop, buy and finance their vehicle purchase. Those vehicles can either be picked up at one of its 30 multi-story car vending machines or delivered directly to a customer’s home. Carvana also operates 15 inspection and reconditioning centers where vehicles are evaluated and spruced up before sale. Customers can also sell their vehicles to Carvana.

Carvana is advised by Citi and J.P. Morgan Securities LLC as financial advisors and Kirkland & Ellis LLP as legal counsel.


Inside The Story

About Jason Middleton

  • ◦Development