Carvana Stock Price, News & Analysis

Carvana (CVNA) reported strong Q3 2024 results with net income of $148 million and record Adjusted EBITDA of $429 million. The company achieved 34% year-over-year retail unit growth, selling 108,651 units, and generated total revenue of $3.655 billion (+32% YoY). Notable achievements include a 4.0% net income margin and an industry-leading 11.7% Adjusted EBITDA margin. The company expects Q4 to show increased year-over-year growth in retail units and projects full-year 2024 Adjusted EBITDA to significantly exceed their previous guidance range of $1.0-$1.2 billion.

Carvana (NYSE: CVNA) has announced a new advertising campaign featuring actors Kristen Bell and Dax Shepard promoting their Value Tracker tool. The campaign, created by Carvana's in-house creative team, showcases the company's digital tool that allows customers to track their vehicle's value over time. Value Tracker provides free appraisals and enables users to monitor price changes, with options to sell or trade-in at any time. The campaign will be distributed across digital and broadcast platforms in the coming weeks.

Carvana (NYSE: CVNA) has expanded its same-day vehicle delivery service to the greater Houston, Texas area. The expansion is supported by Carvana's new auction-IRC Megasite in Houston, which combines inspection and reconditioning capabilities with an existing ADESA wholesale auction location. The service allows customers to purchase vehicles online and receive delivery within hours of placing their order. Same-day delivery is currently available in parts of 15 states, including Alabama, California, Florida, Georgia, Indiana, Kansas, Missouri, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Texas and Virginia.

Carvana (NYSE: CVNA), a leader in online used car sales, released its Q3 2024 EV Trends Report, highlighting the growing interest in electric vehicles (EVs) among consumers. The report reveals a significant increase in EV-related searches and page views on Carvana.com, with a 226% year-over-year rise in Q3 2024. Consumers show a preference for luxury features such as heated steering wheels and advanced technology like adaptive cruise control and Apple CarPlay. EV shoppers also tend to prefer newer models with lower mileage, even at higher price points. Carvana's CEO, Ernie Garcia, emphasized the company's commitment to meeting diverse customer preferences and facilitating confident EV purchases.

Carvana, in collaboration with NASCAR legend Jimmie Johnson and LEGACY MOTOR CLUB, has unveiled the winning paint scheme from their Fan Design Contest. Ben Moore, a longtime fan, created a Sonoran Desert-inspired livery for Johnson's No. 84 Toyota, capturing the essence of Arizona's landscape.

The design features vibrant hues of a Sonoran sunrise, including purples, oranges, and yellows, along with silhouettes of iconic desert landscapes like Monument Valley and saguaro cacti. This unique paint scheme will make its debut at the NASCAR Cup Series Championship at Phoenix Raceway on November 10.

Jimmie Johnson expressed his excitement about the design, praising its representation of the Phoenix landscape. Ryan Keeton, Carvana's co-founder and Chief Brand Officer, highlighted the impressive artistic talent displayed in the contest entries.

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.