Carvana Stock Price, News & Analysis

Carvana announced a new sweepstakes in collaboration with LEGACY MOTOR CLUB for a chance to win a VIP experience to meet racing legend Jimmie Johnson during the Memorial Day weekend in Charlotte, North Carolina. The contest runs from April 26 to May 8, 2023. The grand prize includes round-trip flights, VIP passes for the race, lodging, a $500 food and beverage credit, and an exclusive meet and greet with Johnson. This initiative aligns with Carvana’s strategy to enhance fan engagement in stock car racing, reinforcing their commitment to industry innovation and customer engagement.

Carvana Co. (NYSE: CVNA) has announced an extension of the expiration date for its Exchange Offers for existing notes, initially set to expire on April 19, 2023, now extended to May 3, 2023. The offers involve exchanging up to $1,000,000,000 in outstanding notes for new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028. Eligible holders who tender their existing notes by the new expiration date will receive an Early Exchange Premium and a revised New Exchange Consideration for the 5.625% Senior Notes due 2025. While all other terms remain unchanged, the new settlement is expected to reward holders for early participation.

Carvana has launched its 36th Car Vending Machine, now located in Fort Worth, Texas, marking its sixth machine in the state. This 12-story structure can accommodate 43 vehicles, enhancing the customer experience by allowing online buyers to pick up their cars locally or opt for home delivery. Upon arrival at the vending machine, buyers are greeted by staff and receive a commemorative coin to activate the vehicle retrieval process. Notably, all vehicles come with a seven-day return policy, providing customers with the opportunity to assess their purchases. This initiative underlines Carvana's commitment to consumer convenience as it continues to lead the online used car retail sector.

Carvana Co. (NYSE: CVNA) is set to release its first quarter 2023 financial results on May 4, 2023, after market close. Management will hold a conference call at 5:30 p.m. ET to discuss the results. Investors can join the call by dialing (833) 255-2830 or (412) 902-6715. An archived webcast will be available on the company's Investor Relations website. A telephonic replay will be accessible until May 11, 2023, with the passcode 3918810#. Carvana is recognized as a leader in the online vehicle sales industry, providing a seamless purchasing experience.

Carvana has made significant progress in Illinois as legislation allowing home car delivery by automotive dealers has passed the Illinois State Senate with a 57-0 vote. Sponsored by Senator Patrick Joyce, the bill received broad support from the industry and will soon move to the Illinois House of Representatives. Carvana, a leader in online used car sales, supports this modernization of outdated state laws, which is expected to enhance consumer convenience and save time. The company has operated in Illinois for over eight years, serving more than 84,000 residents, of which over 32,000 have utilized home delivery services.

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.