Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance
Company (“Root”), the leading insurtech carrier, and Carvana (NYSE:
CVNA), the industry pioneer for buying and selling used cars
online, today announced the next evolution of the Root and Carvana
partnership that brings an industry-leading, seamless insurance
process to the online car buying experience.
The launch of Carvana Insurance Built with Root
delivers an elevated customer experience made possible through a
deep integration that pre-fills key customer information so that a
customer can skip data entry and jump directly to evaluating quotes
and customizing coverage. This fully embedded product
experience—from quote to payment—happens entirely within the
Carvana checkout process. Teams from both Carvana and Root have
worked for months to build this bold technology platform. An early
iteration involved 24 screens in the customer experience flow—that
experience is now just three straightforward steps. “Adding car
insurance should be as easy as any other aspect of online
shopping,” said Alex Timm, Co-Founder and CEO of Root. “Instead of
starting a lengthy application or questionnaire elsewhere, Carvana
customers can now easily insure their new vehicle on the same
platform from which they purchased it. Together, Carvana and Root
have created the easiest, quickest insurance experience, allowing
Carvana customers to buy the right vehicle and feel confident they
have the right coverage immediately.”Carvana and Root have
revolutionized the online used car buying and car insurance
experiences respectively. Customers have been conditioned to expect
difficulties in these purchases, and through this partnership, the
challenge and inconvenience of finding and purchasing insurance has
been removed from the car buying process.“Carvana has always been
committed to simplifying and improving the car buying and selling
process to benefit our customers, so supporting our customers’
insurance needs was a natural next step for us,” said Ernie Garcia,
Carvana Founder and CEO. “We are excited to enhance our customer’s
car buying experience with this very seamless, transparent
insurance experience in partnership with Root.”Carvana Insurance
Built With Root is a testament to a customer-focused and technology
driven product experience, and is available in 33 states.
About Root, Inc. Founded in 2015 and based in
Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of
Root Insurance Company. Root is revolutionizing insurance through
data science and technology to provide consumers a personalized,
easy, and fair experience. The Root app has more than nine million
app downloads and has collected 15 billion miles of driving data to
inform their insurance offerings.For further information on Root,
please visit root.com, or connect with us on Instagram, Twitter,
YouTube, and TikTok.
Root Insurance Company is headquartered in Columbus, Ohio, with
renters insurance available in Arkansas, Missouri, Ohio, Georgia,
Kentucky, Nevada, Tennessee, and Utah, and auto insurance currently
available to drivers in Alabama, Arizona, Arkansas, California,
Colorado, Connecticut, Delaware, Florida, Georgia, Illinois,
Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi,
Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota,
Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia, West Virginia, and Wisconsin. Auto insurance
is underwritten by Root Property and Casualty Insurance Company in
some states and also by Redpoint County Mutual Insurance Company in
Texas. Carvana Insurance Built with Root is available only in the
states where Root writes insurance, excluding California.
About Carvana (NYSE: CVNA)Founded in 2012 and
based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the
way people buy and sell cars. With a continued focus on its
customers, technology and innovation, Carvana offers an intuitive
and convenient online car buying, selling, and financing
experience. Carvana.com enables customers to quickly and easily
shop more than 70,000 vehicles, finance, trade in or sell their
current vehicle to Carvana, sign contracts and schedule delivery or
pickup at one of its patented, automated Car Vending Machines.
Carvana is a Fortune 500 company, providing as-soon-as-next-day
delivery to customers in over 300 U.S. markets.
For further information on Carvana, please visit
www.carvana.com, or connect with us
on Facebook, Instagram, Twitter, YouTube or
the Carvana Blog.
MEDIA CONTACT:
Root Communicationspress@joinroot.com
Root Investor RelationsChristine PatrickVP, Investor
Relationsir@joinroot.com
Carvana CommunicationsKristin Thwaitespress@carvana.com
Safe Harbor for Forward-Looking Statements
This press release and any oral related statements made by
representatives of Root or Carvana may contain forward-looking
statements within the meaning of federal securities laws.
Forward-looking statements may relate to future operations,
strategies, plans, partnerships, investments, financial results or
other developments, and are subject to assumptions, risks and
uncertainties. Statements such as “guidance”, “expect”,
“anticipate”, “strong”, “believe”, “intend”, “goal”, “objective”,
“target”, “position”, “potential”, “will”, “may”, “would”,
“should”, “can”, “deliver”, “accelerate”, “enable”, “estimate”,
“projects”, “outlook”, “opportunity”, “expansion”, “creation” or
similar words, as well as specific projections of future events or
results qualify as forward-looking statements. Forward-looking
statements, by their nature, are subject to a variety of inherent
risks and uncertainties that could cause actual results to differ
materially from the results projected. Many of these risks and
uncertainties cannot be controlled by Root or Carvana. Factors that
may cause our actual decisions or results to differ materially from
those contemplated by these forward-looking statements can be found
in Root’s Form 10-K and Form 10-Qs filed with the U.S. Securities
and Exchange Commission and Carvana’s Form 10-K and Form 10-Qs
filed with the U.S. Securities and Exchange Commission,
respectively. Forward-looking statements speak only as of the date
the statement was made and neither Root nor Carvana undertakes any
obligation to update such forward-looking statements. There can be
no assurance that other factors not currently disclosed or
anticipated by Root or Carvana will not materially adversely affect
each company’s results of operations or plans. Investors are
cautioned not to place undue reliance on any forward-looking
statements made by either company or on its behalf.
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