Online used-car dealer Carvana has become one of the youngest companies to ever enter the Fortune 500, the company announced.
Carvana posted $5.6 billion in revenue during 2020, placing it at No. 483 on Fortune’s list of the biggest U.S. corporations in terms of annual sales.
Founded in 2012, Carvana reached the Fortune 500 in just eight years. “Based on organic growth alone, only Amazon and Google made it to the Fortune 500 faster,” Carvana stated.
Buoyed by the unprecedented demand for touchless, remote shopping during the pandemic, Carvana achieved a 42% year-on-year revenue bump last year.
Last year, Fortune ranked Carvana no. 651 in its top 1,000 list.
“Our engine of growth is powered by amazing and ambitious people with boundless energy and discipline, who feel like they’re part of something, who have chosen to care a little more than most, who learn and get a little better every day, and who have fun along the way,” Carvana founder and CEO Ernie Garcia wrote in the announcement.
This year’s list, the 67th annual edition, put Walmart, Amazon and Apple in spots one, two and three. Together, the 500 corporations on this year’s list generated $13.8 trillion in revenue, or some two-thirds of the U.S. economy, Fortune states.
In automotive retail, the list also included national dealership chains CarMax at 136, AutoNation at 145 and Lithia Motors (a major investor in auto digital retailer Shift) at 231.