Welcome to our dedicated page for Carvana Co. news (Ticker: CVNA), a resource for investors and traders seeking the latest updates and insights on Carvana Co. stock.
Carvana Co. (symbol: CVNA) is revolutionizing the way consumers buy and sell used cars through its state-of-the-art e-commerce platform. By eliminating traditional dealerships and their associated costs, Carvana offers significant savings, passing these benefits on to consumers. Customers can browse a wide variety of high-quality vehicles, secure financing, and make a purchase—all online. The company even provides delivery as soon as the next day, making the car-buying process convenient and hassle-free.
Carvana’s business model centers on retail vehicle unit sales, which serve as the primary revenue driver. In addition to vehicle sales, the company generates revenue from wholesale vehicle sales, the sale of loans originated and sold through securitization transactions or to financing partners, and commissions received on vehicle service contracts (VSCs) and Guaranteed Asset Protection (GAP) waiver coverage. These multiple revenue streams solidify Carvana’s position as a leader in the online automotive marketplace.
Committed to transparency, Carvana prides itself on offering vehicles with no hidden fees, providing a better experience for customers. On average, customers save $1,681 compared to Kelley Blue Book prices. The company continues to expand its inventory with premium cars and offers various additional services such as auto insurance and trade-in options. In terms of growth, Carvana has seen significant achievements and continues to innovate in the online car sales space.
For those interested in joining the Carvana team, the company regularly posts job openings on its careers page.
- Recent Achievements: Streamlined delivery services for faster customer experience.
- Current Projects: Expansion of inventory and enhancement of the e-commerce platform.
- Financial Condition: Steady revenue growth driven by increased vehicle sales and additional revenue streams.
- Partnerships: Collaborations with financing partners for loan origination and securitization transactions.
Carvana Co. (NYSE: CVNA) has announced plans to integrate an auction and reconditioning 'Megasite' in Las Vegas. This transition will add Inspection and Reconditioning Center (IRC) capabilities to the existing ADESA Las Vegas wholesale auction site while maintaining all digital and in-lane auction operations. The move is expected to create approximately 200 new jobs in the area over time.
The Las Vegas location will be Carvana's third auction-IRC Megasite, covering 46 acres with over 5,000 parking spaces. This expansion aims to increase Carvana's total reconditioning capacity, improve network efficiency, and provide faster delivery times for local retail customers. The site will also offer a more robust auction offering for local wholesale customers.
The transition will be facilitated by the site's existing infrastructure and the implementation of Carvana's proprietary CARLI software, ensuring efficiency and consistency across its IRC network.
Carvana, the fastest-growing used car retailer, has announced a significant milestone in Q3 2024: selling over 2 million cars and purchasing more than 2 million cars from customers since its founding in 2013. This rapid adoption demonstrates the growing preference for automotive e-commerce.
Key highlights include:
- Carvana sold its 1 millionth car in Q4 2021 and reached 2 million in Q3 2024
- The company bought its 1 millionth customer car in Q1 2022 and hit 2 million in Q2 2024
- Customers span all age groups, budgets, and locations across the US
- Carvana currently holds ~1% market share in the used car market
- E-commerce penetration in used automotive is also at ~1%, indicating significant growth potential
Carvana aims to become the largest and most profitable automotive retailer, selling millions of cars annually.
Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, has announced that it will report its third quarter 2024 financial results on Wednesday, October 30, 2024, after the market closes. The company will hold a conference call and webcast at 5:30 p.m. ET (2:30 p.m. PT) on the same day to review and discuss the company's business and results.
Interested parties can access the live call by dialing (833) 255-2830 or (412) 902-6715. An archived webcast of the conference call will be available on the Investor Relations section of Carvana's website. A telephonic replay will be accessible until November 6, 2024, by dialing (877) 344-7529 or (412) 317-0088 and entering passcode 9979887#.
Carvana (NYSE: CVNA), an online used car retailer, has expanded its same-day vehicle delivery service to the greater Kansas City, Missouri area. Select residents can now receive their purchased vehicle on the same day they place an order on Carvana.com. This expansion is supported by Carvana's first-party logistics network and regional Inspection and Reconditioning Centers (IRCs), including a new auction-IRC Megasite in Belton, Missouri.
The service allows customers to browse a large selection of pre-owned vehicles online, make a purchase from home, and in select cases, have the vehicle delivered within 24 hours. Carvana's same-day delivery is currently available in several states, including Ohio, Indiana, North Carolina, Georgia, Texas, Florida, Alabama, New Jersey, Oklahoma, Pennsylvania, California, Virginia, Oregon, and now Missouri.
Carvana, in partnership with LEGACY MOTOR CLUB, has launched an exciting contest allowing fans to design Jimmie Johnson's No. 84 Toyota paint scheme for the upcoming NASCAR Xfinity Series Championship at Phoenix Raceway. The contest runs from September 16 to October 1, 2024, and is open to all skill levels. Participants can submit designs via Instagram or X using #CarvanaFanDesign and tagging @CarvanaRacing.
The grand prize winner, selected by a panel including Johnson, will see their design on the race car and receive:
- VIP race experience in Phoenix
- Round-trip flights and lodging
- $500 food and beverage credit
- Meet and greet with Jimmie Johnson
Carvana and the Professional Pickleball Association (PPA) have launched the 'Road to the Finals' sweepstakes, offering fans a chance to win one of two vehicles and a trip to the CIBC PPA Finals in San Clemente, CA. The sweepstakes runs from September 30th through November 15th, 2024, spanning the final five tournaments of the year.
To enter, participants must submit an official entry form and sign up for Carvana Value Tracker, a free tool that provides monthly personalized vehicle valuations. The campaign aims to engage with the pickleball community and celebrate fans while fostering the sport's growth.
The sweepstakes is open to U.S. residents (excluding AK & HI) aged 21 and above who own a vehicle and are licensed drivers. Full details and rules are available at carvanappatoursweeps.com.
Carvana (NYSE: CVNA) has expanded its same-day vehicle delivery service to the greater Portland, Oregon area. This enhancement allows select Portland residents to receive their purchased vehicle within hours of placing an order on Carvana.com. The expansion is supported by Carvana's first-party logistics network and its Inspection and Reconditioning Center in Wood Village, Oregon.
The company's online platform offers a large selection of pre-owned vehicles, enabling customers to browse, purchase, and now receive their chosen car within 24 hours. This service is part of Carvana's broader expansion strategy, which has already seen same-day delivery implemented in several states across the U.S. The rapid growth is facilitated by Carvana's extensive infrastructure, including a nationwide network of inspection centers, an efficient logistics fleet, and a streamlined digital purchasing process.
Carvana (NYSE: CVNA) has announced the integration of its second auction and reconditioning 'Megasite' in Houston. This transition will add Inspection and Reconditioning Center (IRC) capabilities to the existing ADESA Houston wholesale auction site while maintaining all digital and in-lane auction operations. The move is expected to create approximately 200 new jobs in the area over time.
The Megasite integration aims to enhance Carvana's services for both retail and commercial customers by leveraging existing infrastructure. Benefits include faster delivery times for local retail customers, a more robust auction offering for local commercial customers, and increased reconditioning capacity. The ADESA Houston site, covering 43 acres with over 5,000 parking spaces, will adopt Carvana's proprietary CARLI software to enable efficiency and consistency across its IRC network.
Carvana has announced the establishment of its first auction and reconditioning 'Megasite' in Kansas City, integrating inspection and reconditioning center (IRC) capabilities at its existing ADESA wholesale auction site. This development aims to enhance the efficiency and selection for both retail and commercial customers, offering faster delivery speeds and expanding Carvana's presence as an employer in the region. The Kansas City site will implement Carvana’s proprietary CARLI software, supporting greater scalability and consistency. The transition is expected to create approximately 200 new jobs. Kansas City is the first of 56 ADESA locations to become an auction-IRC Megasite.
Carvana (NYSE: CVNA) reported strong Q2 2024 results, showcasing industry-leading growth and profitability. The company achieved 33% year-over-year retail unit growth, selling 101,440 units and generating $3.41 billion in revenue (+15% YoY). Carvana reached new profitability milestones, including:
- Net Income of $48 million with a 1.4% Net Income margin
- Record Adjusted EBITDA of $355 million with a 10.4% margin
- Record GAAP Operating Income of $259 million
Looking ahead, Carvana expects a sequential increase in retail units for Q3 and projects full-year 2024 Adjusted EBITDA between $1.0 - $1.2 billion, up from $339 million last year.
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