Carvana Partners with Bezos-Backed Slate Auto to Sell New Vehicles

Used-car e-commerce platform Carvana has entered into a partnership with Slate Auto, an electric vehicle startup backed by Amazon founder Jeff Bezos. Last year, Carvana received a warrant to purchase Slate shares. Both companies have received significant investment from Guggenheim Partners CEO Mark Walter.

Used-car online sales platform Carvana has partnered with electric vehicle startup Slate Auto, whose investors include Amazon.com founder Jeff Bezos. According to documents obtained by TechCrunch, Carvana received a warrant last year granting it the option to purchase Slate shares, signalling a deepening business relationship between the two companies.

New direction in new vehicle sales

Carvana has been primarily known for online sales of used vehicles, but the partnership with Slate Auto suggests the company is looking to expand into the new vehicle segment. Slate Auto is an ambitious US startup developing affordable electric vehicle models and has attracted significant investor interest from prominent names in Silicon Valley.

Guggenheim Partners CEO Mark Walter has made substantial investments in both companies, and his dual role creates a shared financial interest between the two firms. This explains why Carvana obtained the warrant to purchase Slate shares – it represents a strategic partnership backed by a common investor base.

Slate Auto's growing attention

Slate Auto has recently garnered increasing attention thanks to Jeff Bezos's backing and its promises to bring affordable electric vehicles to market for ordinary Americans. The partnership with Carvana, which operates an extensive customer network across the US, could give the startup a significant advantage in distribution channels once vehicles reach the market.