CEO and co-founder Ernie Garcia says the company has lower costs than conventional dealerships because it doesn’t have expensive real estate across the nation. It does have 17 centers nationwide where used vehicles are reconditioned before sale.

Carvana CEO Ernie Garcia thinks there is good news ahead for people who have been shocked by the high price for used cars. Garcia gave an exclusive forecast for the state of shopping for cars, saying that prices are declining ahead of more potential interest rate cuts which should make cars more affordable.