Customer Experience - Referrals + Trade-Ins

Question 1

What is the Referral 1.0 Program?

Answer 1

Customer A purchases a vehicle with Carvana, loved their experience and wants to refer a friend or family member. They can refer 10 people who can receive a referral SPR of $500 and Customer A receives $100 for each person they refer who completes a purchase.

Question 2

What is the Referrals 3.0 (Florida & Texas) Program?

Answer 2

Customer receives their dream car and we provide them with the link to share with friends and family they wish to refer. Friends and family create their Carvana.com account using the referral link. They must use the referral link to create their new Carvana account in order for both customers to be eligible to receive their gift.

After the person referred has completed their Purchase, both customers will receive an email which will allow them to choose their gift through our third-party vendor, Boundless, who will also ship the gifts.

Question 3

Who can participate in the 3.0 program?

Answer 3

We will start by giving only Florida and Texas customers referral links. They can refer anyone in any state excluding Ohio and Virginia (due to state regulations).

Question 4

Is there a limit to how many friends or family someone can refer and participate in the 3.0 program?

Answer 4

There is no limit to how many gifts a customer can receive. If one customer refers 20 friends and they all purchase and keep a Carvana car, then that customer can get 20 gifts!

Question 5

What does STC refer to?

Answer 5

Sell to Carvana. The customer can sell the vehicle to us directly without applying it to a purchase, known as a trade-in. This would mean the customer would receive a payment from Carvana for the value of the vehicle.

Question 6

Trade-In Basics

Answer 6

Customers will benefit from the convenient, streamlined process! When customers look for a new car, they can also trade in their old ride as part of one seamless transaction. Customers can get a real offer for their trade-in on Carvana.com by answering a quick series of questions about their car. They’ll see their actual trade evaluation in minutes!

In some states, may be eligible for a Trade-In Tax Credit- because the tax has already been paid on the vehicle, it is not required to be paid again. This prevents the customer from paying vehicle taxes twice.

Trading in can be used as a down payment if the customer has positive equity. This can positively impact the customer’s financing terms. If the customer has negative equity- The customer can roll up to $2,500 into their new loan when financing with Carvana, and the remaining amount will be added onto their down payment.

Thanks to our legendary 7 Day Money Back Guarantee, customers can get their trade-in back within this time frame if they choose to return to their Carvana car. Their trade-in is still available to them . . . or they can simply choose to sell their vehicle and not proceed with a purchase.

Question 7

What would disqualify a potential trade-in/STC?

Answer 7

1. Vehicle older than 1992
2. Leased vehicle (Still able to STC)
3. Non-running engine

Question 8

What are the 4 Steps to Trade In a Car with Carvana?

Answer 8

1. Appraisal
2. Customer Places an Order
3. Document Review
4. Delivery/Pickup Day

Question 9

Appraisal Facts

Answer 9

The appraisal is valid for 7 days. Customers will complete the online trade application on Carvana.com where they answer a short series of questions about the current condition of their vehicle.

Customers can get an appraisal without a Carvana account, but they must have an account to save their appraisal!

Question 10

Placing an Order Facts

Answer 10

Once a customer has the perfect car picked out, it’s showtime!

They’ll opt to include their trade-in as part of their purchase in the purchase process. We’ll also ask customers to upload a few documents to validate their trade-in.

Question 11

Document Review Facts

Answer 11

Verification Advocates will review the trade-in documents when they underwrite the purchase and will reach out with a phone call or email once everything has been approved.

Question 12

Delivery/Pickup Day Facts

Answer 12

A Field Advocate will facilitate the delivery/pickup and trade appointment all at the same time.

As our customer takes their new Carvana car for a spin, the Field Advocate will review the condition of the trade to verify it matches the online appraisal.

Question 13

Once a customer goes through the online appraisal they will see their trade value. The trade value is based on what 3 things?

Answer 13

1. Kelley Blue Book value (again this is a well-respected research company in the automotive industry that determines vehicle values)
2. The condition of the car as indicated by the customer (must be able to safely drive and not have “check engine light” on)
3. Local market value for the vehicle. This can vary because certain makes and models are more desirable in certain areas!

Question 14

Where Can Customers See Their Trade Offer?

Answer 14

1. Carvana.com
2. Carma
3. Admin

Question 15

What affects a trade value?

Answer 15

1. Mileage
2. Year / Make / Model
3. Condition of Vehicle
4. Vehicle History

Question 16

In order to be able to review a customer’s trade, we will require which specific documents based on the ownership status of the trade-in vehicle?

Answer 16

1. Odometer
2. Title
3. Registration
4. 10 Day Payoffs

Question 17

If a customer indicates there is a lien on their vehicle, which document(s) are NOT required?

Answer 17

The title.