ATLANTA, Oct. 29, 2013 /PRNewswire/ -- Launched in Atlanta in January 2013, Carvana – the first complete online auto retailer – is transforming the way consumers buy used cars, one step at a time. The company is breaking away from the previously antiquated car buying process by leveraging technology to put information and full control back into the consumer's hands. To further enhance transparency in the purchasing process, Carvana announces the launch of its market price comparison tool, FairCompare.
FairCompare allows consumers to evaluate the price of a Carvana vehicle side-by-side with comparable cars in their area based on average market price, make, model, year, package and mileage. Savings, on average translate to a $1,000 to $1,500, excluding documentation fees. The company leverages leading industry data to pull local vehicle information for an accurate and real-time market comparison. FairCompare provides 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," explains Carvana President, Ernie Garcia. "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."
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 new 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 boosts the company's existing slate of customer benefits and premarket services, including a 7-day money back guarantee.
An industry pioneer, Carvana is the first complete online auto retailer from search to finance to delivery. Through its relationship with DriveTime, Carvana is backed by more than $1 billion in revenue and more than 20 years experience in the secondary car market. Based in Phoenix and operating out of Atlanta, Carvana services the state of Georgia and plans to expand nationwide by the end of 2013.