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Drivetime history
Drivetime company history timeline
Company officials renamed the newly private enterprise DriveTime effective September 1, 2002, with the registered name DriveTime Automotive Group intended to distinguish the auto seller from educational company Az Drive Time.
The company operated 76 dealerships in eight states as DriveTime sought to expand across the United States O'Leary and Partners took over advertising in May 2003.
The company announced plans on November 2, 2004, to expand from 75 to 100 locations over two years, mostly in the Southwestern United States and in Florida, Georgia and Virginia.
Part of the company's success resulted from numerous job losses and bad credit, at a time when the American Bankruptcy Institute reported the highest bankruptcy rates ever, though by 2004 fewer people were filing for bankruptcy.
As of 2004, chairman Garcia owned 85 percent of the company, the largest Latino-owned firm in Arizona.
In 2004, former president and CEO Ray Fidel said DriveTime intended to treat customers with financial problems the same as customers at premium auto dealers.
By 2005, DriveTime had added Austin, Texas and Norfolk, Virginia and planned sites in Charlotte, North Carolina and Nashville, Tennessee.
By the end of 2006, DriveTime had more than 90 locations in nine states.
The company opened its 100th DriveTime dealership in Concord, North Carolina, northeast of Charlotte, in 2007.
The new company began in 2011 as a DriveTime division, offering subprime retail financing, before becoming its own business.
He started building Carvana as a subsidiary of DriveTime in 2012, buying most of its used car inventory from its parent, which purchased Carvana’s loans and supplied it with other financial support and technological assistance.
In 2013, DriveTime introduced Carvana as an e-commerce used car dealer run by Ernie Garcia Jr. in Phoenix.
The United States government's Consumer Financial Protection Bureau levied an $8 million civil penalty against DriveTime for its debt collection practices in November 2014.
Based in Phoenix since its founding, DriveTime moved its company headquarters into a new 97,000-square-foot space in Tempe in November 2015.
Walter’s CVAN Holdings started buying convertible debt of Carvana when it was a private company in 2015 and converted it into shares at the IPO that are now worth $300 million.
With revenues of $594 million in the first nine months of 2017, up 130% from the same period last year, Carvana is growing fast.
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Drivetime competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Warby Parker | 2009 | $771.3M | 3,033 | 528 |
| H&M | 1947 | $25.2B | 148,000 | 1,067 |
| The Car Company Suzuki | - | $15.0M | 75 | 195 |
| Gem Shopping Network | 1997 | $11.9M | 100 | 3 |
| Charles River Apparel | 1983 | $10.5M | 50 | - |
| KeySource | 2016 | $17.5M | 176 | - |
| SWEIS | 2000 | $15.0M | 175 | - |
| Midlands Honda | - | $10.0M | 300 | - |
| Mel Hambelton Ford | 1984 | $37.5M | 100 | 10 |
| Toyota of Orlando | 1994 | $21.0M | 146 | 2 |
Drivetime history FAQs
Zippia gives an in-depth look into the details of Drivetime, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Drivetime. The employee data is based on information from people who have self-reported their past or current employments at Drivetime. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Drivetime. The data presented on this page does not represent the view of Drivetime and its employees or that of Zippia.
Drivetime may also be known as or be related to DRIVETIME AUTOMOTIVE GROUP INC, Drive Time, Drivetime and Drivetime Sales and Finance Company, LLC.