Carvana Stock Price, News & Analysis

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.

Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, has announced that its Founder and CEO, Ernie Garcia, will present at the upcoming J.P. Morgan Automotive Conference. The presentation is scheduled for Wednesday, August 7, 2024, at 8:50 AM ET.

Investors and interested parties can access a live webcast of the presentation through the Investor Relations section of Carvana's website. An archived replay of the webcast will also be available after the live presentation concludes. This event provides an opportunity for Carvana to showcase its business model and strategies to the investor community, potentially impacting its stock performance and market perception.

Carvana's Q2 2024 EV Trends Report reveals a broadening appeal of used electric vehicles across diverse demographics. Key findings include:

- Millennials dominate with 65% of Carvana's EV sales
- Gen Z purchases EVs at lower price points
- Nearly half of EV sales to buyers with incomes between $50-100k
- Common trade-ins now include popular ICE vehicles

The report highlights the evolution of EVs from niche to mainstream, attracting buyers of all ages and income levels. Carvana emphasizes its commitment to offering a wide range of vehicles, including those qualifying for the Clean Vehicle Tax Credit.

Carvana (NYSE: CVNA) and racing legend Jimmie Johnson are collaborating to support automotive education at Arsenal Technical High School in Indianapolis. The partnership includes:

1. Donating equipment and funds to the school's automotive program
2. Providing students with a meet-and-greet opportunity with Johnson at the Brickyard 400 race
3. Gifting a new vehicle lift, tools, and supplies to enhance the learning environment
4. Donating a project vehicle from Carvana's wholesale inventory for students to repair

This initiative aims to encourage educational growth and career development in the automotive industry. Carvana Racing has been partnering with Jimmie Johnson since 2021, and this collaboration extends their commitment to supporting the next generation of automotive professionals.

Carvana (NYSE: CVNA) announced the launch of new features simplifying the purchase of used electric vehicles (EVs) and plug-in hybrids (PHEVs). Customers can now identify vehicles qualifying for the Clean Vehicle Tax Credit and apply up to $4,000 in savings directly at checkout. This integration aims to enhance the buying process by offering upfront financial benefits and streamlining vehicle eligibility checks. The new system supports Carvana's goal of making car purchases more transparent and accessible, especially as demand for EVs and PHEVs grows. The complete press release is available here.