Carvana Comes to Cabarrus County
Online Car Seller Pledges More Than $30 Million Investment
Carvana, a leading e-commerce platform for buying and selling used cars, will locate a new inspection and reconditioning facility in Cabarrus County. Governor Roy Cooper announced the investment of more than $30 million last Thursday.
The facility is the first industrial development announced at The Grounds at Concord, the former Philip Morris campus. Carvana will utilize approximately 4 percent of the campus. The company has not announced a timeline for construction and hiring.
Local and state agencies collaborating on the initiative include the North Carolina Department of Commerce, Economic Development Partnership of North Carolina, the North Carolina Community College System, Cabarrus County, the City of Concord and Cabarrus Economic Development.
Earlier this month, Cabarrus County and the City of Concord approved performance-based property tax grants of 85 percent over the project’s first three years. As part of the local agreement, Carvana committed to creating 304 jobs with an average wage of $40,500 annually over that same period.
To help facilitate the project, North Carolina’s Economic Investment Committee approved a Job Development Investment Grant (JDIG). Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $512 million.
During the grant periods, the project will produce positive net tax revenue. Fulfillment of local and state payments only occurs after officials verify the company met its defined targets.
Carvana uses its inspection and reconditioning facilities to inspect, recondition, photograph and store cars that the company retails online. The Concord location will help Carvana address growing demand and plays a critical role in getting customers their vehicles faster.
“We are excited about Carvana selecting The Grounds at Concord for their new facilities serving their southeast operations,” said Mayor Bill Dusch. “With the creation of hundreds of new jobs and over $30 million in capital investments, we look forward to Carvana becoming a positive member of the Concord and Cabarrus County community.”
“The online marketplace only works for buyers and sellers when hardworking people are moving the supply chain forward,” Governor Cooper said. “We know our quality workforce is a major reason why Carvana chose to grow and invest in our state.”
“Carvana has been growing extremely rapidly over the last several years and we are working to bring The New Way to Buy a Car to even more customers all the time,” said Carvana’s Director of Infrastructure Development & Operations Benjamin Morens. “As part of our efforts to scale the business, we’re looking forward to working with Cabarrus County and the state of North Carolina to open a vehicle inspection and reconditioning center and become a member of the Concord community.”
“North Carolina’s mid-Atlantic location offers companies the ideal base of operations for serving their customers,” said North Carolina Commerce Secretary Anthony M. Copeland. “With nearly half the U.S. population accessible within a day’s drive from the state, North Carolina simplifies the logistical equation for companies.”
“Carvana is a fast-growing company with an innovative business model,” said NC Senator Paul Newton. “We welcome these new jobs to Cabarrus County and our region.”
”Carvana will thrive in its new home in Concord and our community will do everything we can to help this innovative company find success in Cabarrus County,” said NC Representative Linda Johnson.
To view the full announcement, visit www.youtube.com/cabarruscounty.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 15,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.
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