Car vending machine kiosk cranks out cars for sale in SA

A Phoenix-based technology startup that sells used vehicles out of glass towers turned on the switch for its new San Antonio location. Founded in 2012, Carvana, LLC is subsidiary of DriveTime Automotive Group, Inc. and was spun out of the company in 2013. The new San Antonio car vending machine is along the 5400 block of Northwest Loop 1604 near the digital driving range TopGolf. Phoenix-based Carvana LLC is a subsidiary of DriveTime Automotive Group Inc. and opened its fourth car vending machine in Texas. Enlarge Phoenix-based Carvana LLC is a subsidiary of DriveTime Automotive Group Inc. and opened… more COURTESY OF CARVANA The car-buying startup recently hired financial institutions for planning its initial public offering, according to Reuters, and has $300 million of investor capital behind it with a $2 billion valuation. Carvana representatives said they don't comment on speculation. Carvana follows customers through the financing process and delivery of the vehicles from one of the car-sized vending machines. Some of the glass towers are eight stories tall, while smaller markets have only five story towers. The San Antonio machine holds up to 30 cars. After the customer purchases the vehicle online, they use a large coin that activates the stand alone vending machine. There are eight cities across the U.S. that Carvana is operating in, four of them have the car vending machines. Other Texas cities with Carvana locations include Houston and Austin. Carvana's CEO, Ernie Garcia, said the company has had some traction from buyers in San Antonio and that's why it decided to build a tower in the local market. The company boasts online inventory of more than 8,000 vehicles and expects to service clients within 100 miles of San Antonio. Carvana’s next-day delivery service is available in 22 markets throughout the U.S., according to the company. It reported revenue of $140 million in 2015 and projected revenue of more than $350 million in 2016.