This document discusses Carvana, an online used car retailer without physical dealerships. It summarizes Carvana's business model of using 360-degree images and videos to allow customers to browse vehicle selections online. It also details Carvana's focus on easy financing calculations and home delivery of vehicles. The document then discusses Carvana's history, funding including a 2017 IPO, competition in the online car sales market, and predicts that while Carvana will continue growing, it may not be the largest player long-term due to challenges in customer experience and uncertainty around how car ownership will change with new technologies.