The used car market is huge - around $700B (yes $B) and super fragmented. The top 100 players only control 7% of the market. It’s mainly structural - used cars have been sold more on a regional basis than nationally.

Carvana (NASDAQ: CRVN) is offering an online direct-to-consumer model with they own inventory and a national footprint of automobile conditioning centers and delivery network. [You can also review the Carvana IPO roadshow slides.]

The consumer experience at car dealerships has probably improved in the last several years but . . .

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