Carvana sells used cars entirely online, letting customers browse inventory, arrange financing and complete a purchase without visiting a traditional dealership, with vehicles delivered directly to the buyer's home or picked up from one of the company's distinctive car vending machine towers. The company built its own logistics and reconditioning infrastructure to inspect, repair and prepare used vehicles for resale, a capital-intensive operation that differentiates it from pure online marketplaces that don't take ownership of the vehicles being sold. Carvana also offers financing and warranty products alongside vehicle sales, generating additional revenue per transaction beyond the car sale itself. After a period of rapid expansion strained its finances and required a significant debt restructuring, the company has since focused more on profitability per vehicle sold rather than growth at any cost, a shift that has reshaped how it's run.