Carvana, the used car marketplace that turned car buying into an online experience with a dose of theatrical flair, is reportedly eyeing an investment in Slate Auto, a startup backed by Jeff Bezos that doesn't have a single vehicle on sale yet—new or used. The news, which emerged last week, reflects a shrewd bet on the near future: as electric vehicles flood off leases, the supply of affordable used EVs is about to transform the market in ways the industry is still scrambling to understand.
Carvana has spent over a decade building a reputation for putting consumers first, using everything from its signature Car Vending Machines to home delivery by truck to make buying used cars feel less like a trip to a dealership and more like an e-commerce experience. The company saw this shift coming: by August of last year, nearly 10 percent of Carvana's sales were fully electric vehicles or hybrids. Around the same time, industry observers began flagging a critical trend—a large and growing number of off-lease EVs were hitting the used car market. That timing suggests why Carvana would want to position itself in Slate's ecosystem before the real wave of affordable used electric vehicles arrives.
According to reports from TechCrunch and subsequent coverage, Carvana received a warrant from the Delaware Division of Corporations last year to buy shares in Slate, though it remains unclear whether the company has exercised that warrant. What gives the rumor weight is the Mark Walter connection. Walter, best known as the controlling owner of the Los Angeles Dodgers and CEO of TWG Global, is both a substantial investor in Carvana and deeply involved with Slate. When Slate announced its Series C funding round in April, TWG led the charge, contributing to a $650 million infusion aimed at launching volume production of Slate's EVs before the end of this year.
That production push matters: 160,000 drivers have already reserved Slate vehicles with $50 deposits each, making these not theoretical cars but ones with actual waiting customers. Slate has previously announced a starting price of just $20,000 after rebates—a price point that could make electric driving accessible to millions more Americans. The company is expected to announce final pricing later this month.
The infrastructure behind Slate also hints at how Carvana might fit in. Slate recently partnered with RepairPal's network of over 4,000 service centers nationwide to handle warranty service and maintenance. For a used car marketplace, having a partnership with an extensive repair network dovetails perfectly with the transparency and customer confidence that Carvana built its reputation on.
The broader picture is encouraging for anyone watching the EV transition. Even as the federal $7,500 tax credit expired last September, charging infrastructure continues to expand aggressively, with new stations popping up in convenience stores, quick-serve restaurants, and other spots where drivers linger. Other EV makers—Subaru and Hyundai among them—are already posting year-on-year sales gains despite the absence of federal incentives. For apartment dwellers and others without home charging access, the expanding network removes one of the biggest barriers to going electric.
Whether Carvana ultimately invests in Slate or simply watches from the sidelines, one thing is clear: the moment when used electric vehicles become a mainstream part of the market is arriving fast. The companies positioning themselves now won't be caught off guard when it does.