Carvana opens car vending machine in Glendale, its second in the Valley
Tempe-based Carvana Co. has opened its newest car vending machine in Glendale, the company’s second signature structure in the Valley. Carvana (NYSE: CVNA) now has 33 locations across the U.S., including its tallest tower which is in Tempe.
The new tower is eight stories tall and can hold up to 31 vehicles. The tower is located at 8316 W. Bell Road, just off the Loop 101 freeway, west of the Arrowhead Towne Center mall in Glendale.
“To be back in our hometown with our latest Car Vending Machine design, that will bring an even better experience to more people across the Valley of the Sun, is a really proud homecoming moment for Carvana,” founder and CEO Ernie Garcia said in a statement.
Any vehicle purchased on Carvana can be retrieved at a car vending machine at no extra charge. Upon arrival, customers receive a commemorative token and watch their vehicle descend the vending machine.
Carvana was riding high during the Covid-19 pandemic as used car prices spiked and people shopped for new rides online, but its fortunes have faded this year.
During the first quarter, Carvana reported a dip in sales for the first time in eight years. Earlier this month, Garcia said the company has shifted away from solely pursuing growth in favor of saving money.
“A year ago, everyone across every group inside Carvana had their No. 1 priority, you know, just driving growth. Today, their one priority is driving efficiency,” Garcia said on an analyst call earlier this month.
Just last week a pair of institutional investors disclosed that they had dumped most of their Carvana shares. In May, the company laid off 2,500 people following the $2.2 billion acquisition of auto-auctioneer Adesa.
Carvana shares are down about 85% year-to-date. The share price closed at $34.70 on Tuesday, down from $357 one year ago. Click here to follow the stock.