Carvana Launches Car Valuation Tool

Phoenix-based online car retailer Carvana said today that it has launched a brand new, car valuation tool it calls "Cardian Angel", which it says will provide trade-in values for customers' cars in less than two minutes. The company said it uses machine learning and proprietary algorithms to take into account mileage, accident history, trim level, and current market demand to calculate trade-in values for cars, and generates a video explaining that valuation. Carvana said it will offer up that trade-in value as a down payment for online purchases on the site. Carvana is led by Ernie Garcia; the company is best known for its "car vending machines" which let its customers collect their online purchases from a giant, rotating "vending machine" in certain markets.