Carvana is tapping the Dallas-Fort Worth car market in a quest to deepen inroads into brick-and-mortar auto retail.
The online used car giant is purchasing Park Cities Chrysler Dodge Jeep RAM, or CDJR, at 2800 W. Mockingbird Lane. The transaction is expected to close Monday evening and financial terms were not disclosed.
The Park Cities deal is Carvana’s second CDJR dealership purchase this year, following a February deal with Jerry Seiner in Casa Grande, Ariz. — close to its home base in Phoenix.
“We are in the very early days of testing as a franchise dealer — first at a CDJR dealership outside of Phoenix and now at one in Dallas,” Carvana said in a statement to The Dallas Morning News.
It added that “we look forward to continuing to learn as we focus on delivering exceptional customer experiences.”
Carvana is known for its online sales and car “vending machine” towers where customers can pick up their vehicles. The company has two towers in North Texas in Frisco and Fort Worth.
Chip Johnson, owner and president of Wood Motor Co., confirmed the transaction to The News.
“We are pleased to announce the sale of Park Cities CDJR, acquired in 2023, to Carvana,” Johnson said. “We believe this move serves the long-term best interests of the dealership and its future growth.”
The company has been strategically focusing on the offline car market since at least 2022, when it spent $2.2 billion to acquire ADESA’s physical car auction business. That all-cash deal with KAR Global gave Carvana nearly 60 different locations and exclusive use of ADESA’s website.
Carvana’s stock, traded on the New York Stock Exchange, was down slightly intraday Monday. Year to date, however, the shares have soared more than 95%.
