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Thursday, 12 August 2021 20:47

Carvana, Root, Inc. Partner on Integrated Auto Insurance for Carvana Customers

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Carvana, the leading e-commerce platform for buying and selling used cars, and Root, Inc., the parent company of Root Insurance Company, the leading insurtech carrier, on Aug. 11 announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform.

In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals.

 

“In Root, we have found a partner that shares our customer focus and technology-driven approach to delivering exceptional customer experiences," said Carvana CEO Ernie Garcia. "We are excited to build on the success of our existing partnership by creating a unique, integrated solution.

 

"We look forward to introducing our customers to Root’s seamless insurance process and believe that this integrated offering will deepen and extend our customer relationships between transactions.”

 

“Carvana has revolutionized the used car buying experience for consumers," said Root CEO Alex Timm. "This partnership further elevates the Carvana experience by integrating insurance alongside car purchasing and financing decisions.

 

“This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.”

 

Under the terms of the investment agreement, Carvana will invest approximately $126 million of primary capital in Root, Inc. in a convertible preferred security, convertible at...


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