Carvana (NYSE: CVNA), an industry pioneer for buying and selling used cars online, today announced that it has joined LOT Network, a global consortium of companies committed to protecting innovation by deterring frivolous litigation from patent assertion entities.
Carvana develops most of its technology in-house, from its online purchase platform to systems powering merchandising and personalization, financing, vehicle reconditioning, and logistics automation.
Joining LOT Network helps ensure that Carvana’s efforts and investments stay focused on creating better experiences for customers, rather than defending against baseless demands from patent-assertion entities.
“Intellectual property rights matter deeply to us as a patent holder,” said Paul Breaux, Carvana’s General Counsel. “But abuse of the patent system by non-practicing entities discourages the innovations we and so many other companies work hard to develop.
“By joining LOT Network, we are protecting the solutions our teams create so we can focus on what matters most: our customers and further improving the car buying and selling experience.”
Carvana’s LOT membership, this morning’s news release concludes, “reflects its commitment, alongside thousands of global technology leaders, to defending its intellectual property and standing up against litigation practices that tax and exploit innovation rather than advancing it.”
CVNA shares closed Tuesday at $355.87.
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