Carvana

Those glass car-vending machines are Carvana's marketing hook, but the business underneath is buying, reconditioning and selling used cars entirely online. Customers shop, arrange financing and complete a purchase over the web, then have the car delivered or pick it up from one of the towers. Founded in 2012 and spun out of used-car retailer DriveTime, Carvana grew explosively, then nearly collapsed in 2022 as rising interest rates, the debt load from its ADESA auction acquisition and slumping used-car prices threatened bankruptcy. A debt restructuring and sharp cost cuts pulled it back, and the shares staged one of the more dramatic recoveries in the market. The model's appeal is scale and convenience in a huge, fragmented market; the risk is that it is capital-intensive, cyclical and still carries heavy debt.

On MyRWA, CVNA trades tokenized across 3 on-chain venues - see the listings below.