Carvana Co. - CVNA STOCK NEWS

Carvana has launched its 35th Car Vending Machine in Garden City, New York, marking a significant milestone for the online auto retailer. This innovative structure, capable of holding 27 vehicles and standing eight stories tall, offers customers a unique car buying experience. With a national inventory and options for next-day delivery, Carvana aims to meet the diverse vehicle needs of Long Island residents. The vending machine, operational from 9 AM to 7 PM ET daily, allows customers to pick up their vehicles or have them delivered directly to their homes. Carvana continues to emphasize customer convenience through its ecommerce model.

Carvana strengthens its partnership with Phoenix Rising FC, the only professional soccer club in Arizona, as the team relocates to a new stadium in 2023. This marks the sixth season as the front-of-kit sponsor, enhancing fan experiences and community initiatives. Carvana will host the Carvana Corner VIP section and engage customers through promotional activities. The home opener against San Diego Loyal SC is scheduled for April 1 at 7:30 p.m. MST. Carvana, a leader in online auto retail, offers a convenient purchasing experience and is recognized as the second-largest automotive brand in the U.S. based on customer-centric values.

Carvana Co. (NYSE: CVNA) announced an exchange offer for noteholders, allowing them to exchange existing unsecured notes for new secured notes with a cash interest rate of 9.0% per annum, significantly improving cash interest expenses. The maximum principal amount for the exchange is set at $1,000,000,000, subject to conditions including a minimum participation of $500,000,000. The offer aims to enhance financial flexibility and provide collateral, involving a restructuring that releases certain subsidiaries from existing guarantees. The exchange expires on April 19, 2023, or later if extended.

Carvana has launched a new online series titled Writing Our Own HER-Story, aimed at showcasing women's insights and experiences within the company. This initiative is part of Carvana's commitment to fostering industry change and supporting women in automotive and tech sectors.

Inspired by the Women's Advocacy Community Group, EmpowHER, the series highlights influential employees nominated for their contributions. The company emphasizes its continuous support for women's advocacy through various resources and programs, including CarMAMA for mothers and Women in Tech.

Recognized by Forbes as one of America's Best Employers for Women, Carvana continues to prioritize a diverse workplace.

Carvana Co. (NYSE: CVNA) announced its fourth quarter and full year 2022 financial results. Retail units sold for the year totaled 412,296, a 3% decrease year-over-year, while revenue was $13.604 billion, reflecting a growth of 6%. In Q4, retail units sold plunged by 23% to 86,977, with revenue declining 24% to $2.837 billion. Despite these challenges, Carvana reported gradual execution of an SG&A expense reduction plan and aims to achieve $1 billion in annual cost savings over the next six months while enhancing customer experiences.

Carvana, a leader in automotive e-commerce, supports legislation in Illinois ensuring customers can receive car deliveries at home, a service it has provided since 2014. This initiative is backed by State Senator Patrick Joyce and aims to protect vehicle home delivery amidst new restrictions. Carvana has invested over $60 million in Illinois, serving over 84,000 customers, including 32,000 home deliveries. The company emphasizes the convenience and accessibility of home delivery, especially for those facing mobility challenges. Carvana's customer-first model has made it the second largest automotive brand in the U.S., according to Forbes.

Carvana has launched its 34th Car Vending Machine in Denver, Colorado, marking the first in the state. This eight-story structure can hold up to 27 vehicles, enhancing the online shopping experience for local customers. Carvana offers the convenience of either picking up vehicles from the vending machine or opting for home delivery. Customers can activate the vending process with a commemorative coin. The new location showcases Carvana's diverse inventory catering to various vehicle needs, including trucks and electric cars. Operating hours are Monday through Saturday from 9 AM to 7 PM MST.

Carvana, an automotive e-commerce leader, celebrates a decade of innovation in online used car sales, serving millions of customers. The company utilizes proprietary technology and a robust logistics network to enhance customer experience. Key milestones include becoming one of the youngest companies to enter the Fortune 500 and achieving the title of the fastest growing used car dealer in U.S. history. Notably, Carvana reported a 129% revenue growth to $12.8 billion in 2021 and acquired ADESA for $2.2 billion, expanding its vehicle selection and delivery capabilities. Positioned for continued growth, Carvana aims to shape the future of automotive e-commerce.