Is Drivetime Owned By Carvana? The Truth About These Car Dealerships

No, DriveTime is not owned by Carvana. Although DriveTime became the majority owner of Carvana in 2013, the two companies operate completely independently.

Carvana, which was founded in 2012 and launched nationwide in November 2013, is a Phoenix-based online used car retailer. DriveTime, on the other hand, is a national used car retailer with a physical presence in 14 states. DriveTime has been in business since 1999 and operates a network of dealerships that offer a wide selection of used cars. DriveTime also offers a variety of financing options and provides a hassle-free car buying experience.

Carvana is known for its innovative approach to car buying, which allows customers to purchase vehicles online and have them delivered to their homes. DriveTime has also embraced technology in recent years, but it remains focused on providing a traditional car buying experience.

Even though DriveTime was a major investor in Carvana, the two companies have different business models and target different customer segments. Carvana focuses on online sales and appeals to younger, tech-savvy consumers, while DriveTime caters to a broader audience and offers a more traditional car buying experience.

The relationship between DriveTime and Carvana has been the subject of much speculation. Some have suggested that DriveTime may eventually merge with Carvana or sell its stake in the company. However, both companies have publicly stated that they are committed to operating independently.

It’s important to note that while DriveTime was a major investor in Carvana, the two companies have grown in different directions. DriveTime has continued to focus on its traditional dealership model, while Carvana has become a leader in the online car-buying space.