Carvana has been in existence since 2012, and continues to operate as an online-only car retailer that sells, finances and buys used cars. It is based in Tempe, Arizona and has locations as well as car vending machines across the country. Carvana made headlines in late 2022 for falling stock prices and employee layoffs, but after cost-cutting measures and debt restructuring, the company demonstrated a significant turnaround.