An industry-leading insurance solution that allows Carvana customers to secure insurance for their vehicle purchases
COLUMBUS, Ohio, July 27, 2022 (GLOBE NEWSWIRE) – Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), an insurtech leader, and Carvana (NYSE: CVNA), the industry pioneer in buying and selling used cars online, today announced the next evolution of Root’s partnership with Carvana that brings advanced, unlimited auto insurance to online car buying.
Establishment of Root Built Carvana Insurance provides an enhanced customer experience made possible through deep integration that populates key customer information so that the customer can skip data entry and jump directly to monitoring data acquisition and customization. This seamless experience, from pricing to payment, takes place within Carvana’s payment system. The Carvana and Root teams have worked for months to build this robust technology platform. The first iteration includes 24 displays in the client’s workflow – that’s three straight steps.
“Adding auto insurance should be as easy as buying anything else online,” said Alex Timm, Co-Founder and CEO of Root. “Instead of having to go through a lengthy application process or other inquiries, Carvana customers can now reserve their new car at the place of purchase. Together, Carvana and Root have created a simple, fast insurance policy, allowing Carvana customers to buy the right car and be confident that they have the right help at the same time.
Carvana and Root have revolutionized the way to buy used cars online and car insurance respectively. Customers have been made to expect hassles in this purchase, and through this agreement, the hassles and hassles of finding and buying insurance have been removed from car buying.
“Carvana has always been committed to simplifying and streamlining the car buying and selling process for the benefit of our customers, so supporting our customers’ insurance needs was a natural fit for us,” said Ernie Garcia, Carvana Founder and CEO. “We are excited to enhance our customers’ car buying experience with this seamless, transparent insurance policy in partnership with Root.”
Rooted Carvana Insurance is a testament to customer focus and innovation, and is available in 33 countries.
The opinion of the company Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers with a personalized, convenient, and fair experience. The Root app has more than 9 million downloads and has collected 15 billion drivers to inform their insurance offers.
Root Insurance Company is located in Columbus, Ohio, with rental insurance available in Arkansas, Missouri, Ohio, Georgia, Kentucky, Nevada, Tennessee, and Utah, and auto insurance available for drivers in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee , Texas, Utah, Virginia, West Virginia, and Wisconsin. Car insurance is underwritten by Root Property and Casualty Insurance Company in some states and Redpoint County Mutual Insurance Company in Texas. Carvana Insurance by Root is only available in states that Root insures, except California.
About Carvana (NYSE: CVNA)
Founded in 2012 and headquartered in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy and sell cars. Continuing to focus on its customers, technology and innovation, Carvana offers online car buying, selling, and financing. Carvana.com helps customers shop quickly and easily at more than 70,000 locations cars, money, sell or sell their current vehicle to Carvana, sign the contract and arrange for delivery or pickup at one of its certified, automated Car Sales machines. Carvana is a Fortune 500 company, offering next-day delivery to customers in more than 300 US markets.
Root Investor Relations
VP, Investor Relations
Safe Harbor for Forward-Looking Comments
The press release and any related oral statements by representatives of Root or Carvana may contain future statements within the meaning of the federal securities laws. Forward-looking statements may relate to future operations, strategies, plans, contracts, costs, financial results or other events, and are subject to assumptions, risks and uncertainties. Words such as “direction”, “anticipation”, “anticipation”, “strong”, “believe”, “purpose”, “purpose”, “purpose”, “desire”, “position”, “possibility”, “will” , “you can”, “I would”, “I should”, “I can”, “deliver”, “accelerate”, “initiate”, “comparison”, “work”, “appearance”, “opportunity”, “growth”, ” environment ” or similar expressions, as well as actual expressions of future events or results are considered forward-looking statements. Forward-looking statements, by their nature, are subject to various inherent risks and uncertainties that could cause actual results to differ materially from anticipated results. Many of these risks and uncertainties cannot be controlled by Root or Carvana. Factors that could cause our actual decisions or results to differ from those contemplated by these forward-looking statements can be found in Root’s Form 10-K and Form 10-Qs filed with the US Securities and Exchange Commission and Carvana’s Form 10-K and Form 10-Q which filed with the US Securities and Exchange Commission, respectively. Forward-looking statements speak only as of the date on which the statements are made and neither Root nor Carvana undertakes any obligation to update these forward-looking statements. There can be no assurance that certain factors not currently disclosed or anticipated by Root or Carvana will not adversely affect the results of operations or plans of either company. Investors are cautioned not to place undue reliance on the company’s or its proxy statements.