Business
Father, son used-car sellers $7b richer in a day – The Australian Financial Review
Shares of Carvana surged 31 per cent in New York on Tuesday after it projected record revenue and profit margins.
Carvana lets customers choose from more than 19,000 cars and complete purchases in as little as 10 minutes, according to its website.
Buyers have the option of picking up their car at more than a dozen vending machines located around the country, using a giant coin. Its revenue doubled to $US3.9 billion last year as it sold about 200,000 cars. It now sees a path to 2 million sales a year.
Garcia II is worth more than $US15 billion and his son $US6.4 billion, according to Bloomberg’s Index, whi…
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