Carvana Acquires Carlypso
August 08 2017 - 4:15PM
Business Wire
Thirty-three markets and five Car Vending Machines strong,
Carvana (NYSE: CVNA) has pioneered the new way to buy a car. Today,
Carvana is proud to announce it has acquired fellow automotive
disruptor, Carlypso, to further enhance Carvana’s momentum.
Initially established as a peer-to-peer car selling service,
Carlypso evolved into a managed marketplace, giving consumers
direct access to wholesale inventory. Carlypso focused on
ingesting, normalizing and organizing data on vehicles that they
could not physically inspect, and scaling that process to analyze
over 200,000 cars each day. The company developed proprietary big
data, analytics, and machine learning tools to dynamically filter,
value and price cars nearly instantaneously without ever actually
seeing them; tools that can integrate with similarly purposed
proprietary technology Carvana has created.
"We've admired what Carlypso has been doing from a distance, and
when they walked us through the technology, we realized how unique
their solutions were,” said Ernie Garcia, Carvana founder and CEO.
“Seeing Carlypso's ability to scour disparate data sources to
better understand each vehicle, to leverage that data to understand
the relative value of vehicles and to turn that into actionable
intelligence in real time with local market context to efficiently
acquire vehicles on behalf of customers, made it clear to us that
we would be a great team.”
Carlypso co-founders Chris Coleman and Nicky Hinrichsen have
assumed leadership roles at Carvana. Coleman is overseeing vehicle
data acquisition and normalization. Hinrichsen is running wholesale
and trade technology. Both are contributing to Carvana’s strategies
for centralized inventory acquisition, as well as instant valuation
offers for consumers looking to sell or trade in their vehicle.
“When studying wholesale and retail prices in late 2014, we
serendipitously discovered abnormally high spreads on some
vehicles, which presented amazing deals for our customers,” said
Coleman. “We became obsessed with decoding opaque vehicle data to
extreme accuracy in order to find a wider range of inefficiencies
in the market. We’d transitioned from an online car dealer to a
data science company. Bringing our insights to Carvana, the biggest
disruptor in our business, meant we could keep innovating with even
more horsepower.”
Bringing a wealth of knowledge and experience to the Carvana
team, Coleman and Hinrichsen founded Carlypso while completing
their MBAs at Stanford University. Inspired by other tech
disruptors like Airbnb and Dropbox, Coleman and Hinrichsen joined
Silicon Valley’s most renowned technology startup incubator,
YCombinator, in 2014.
Terms of the transaction were not disclosed.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
mission is to change the way people buy cars. By removing the
traditional dealership infrastructure and replacing it with
technology and exceptional customer service, Carvana offers
consumers an intuitive and convenient online automotive retail
platform, with a fully transactional website that enables consumers
to quickly and easily buy a car online, including finding their
preferred vehicle, qualifying for financing, completing the
purchase and loan with signed contracts, and receiving delivery or
pickup of the vehicle from one of Carvana’s proprietary automated
Car Vending Machines.
For further information on Carvana, please visit
www.carvana.com, or connect with us on Facebook, Instagram or
Twitter.
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CarvanaKate Carver, 212-656-9148carvana@olson.com
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