Carvana Stock Price, News & Analysis

Carvana Co. (NYSE: CVNA) announced its participation in William Blair’s 42nd Annual Growth Stock Conference. The presentation is scheduled for June 7, 2022, at 12:20 p.m. ET at the Loews Chicago Hotel. Investors can access a live webcast on Carvana's investor relations website. Carvana, founded in 2012 and headquartered in Phoenix, is an e-commerce leader in buying and selling used cars, offering over 70,000 vehicles and next-day delivery in over 300 markets across the U.S.

Carvana (NYSE: CVNA) has announced the acquisition of ADESA's U.S. auction business for $2.2B, enhancing its operational capabilities. This acquisition includes 56 U.S. locations, spanning 6.5 million square feet. Carvana aims to utilize this acquisition to improve customer experiences and achieve sustainable efficiencies, positioning itself for growth despite recent industry slowdowns. The deal is expected to bolster Carvana's strategy in the automotive sector, enabling a seamless transition for existing customers under the leadership of ADESA President John Hammer.

Carvana (NYSE: CVNA) has launched its 32nd Car Vending Machine in the U.S. and fourth in California, located in San Francisco. This eight-story facility can hold 27 vehicles and enhances the online car buying experience by allowing customers to shop from over 70,000 used cars. Carvana provides a 7-day return policy, ensuring customer satisfaction. The automated vending process offers a unique pickup experience, and customers can sell their vehicles to Carvana and receive offers instantly. The new location is set to improve accessibility and convenience for car buyers in the tech capital.

Carvana (NYSE: CVNA) expands its services to Flagstaff, Arizona, offering as-soon-as-next-day touchless home delivery of used cars. With over 70,000 vehicles available, customers can shop, finance, and schedule delivery online in five minutes. The company emphasizes a user-friendly process, including a 7-day return policy on all vehicles. Carvana’s certified cars undergo a rigorous 150-point inspection and come with complete vehicle history transparency. This service now reaches 315 cities across the U.S., showcasing Carvana's commitment to innovative, customer-focused car buying.

Carvana Co. (NYSE: CVNA) announced the pricing of a private placement of $3.275 billion in senior unsecured notes with a 10.25% interest rate due in 2030. The net proceeds will primarily fund the acquisition of ADESA's U.S. auction business for approximately $2.2 billion, as well as cover related expenses and working capital. Originally set for $2.275 billion, the offering size was increased, leading to the cancellation of a planned issuance of Series A perpetual preferred stock. The notes will mature on May 1, 2030, with interest payments starting on November 1, 2022.

Carvana Co. (NYSE: CVNA) plans to offer $2.275 billion in Senior Unsecured Notes due 2030 to finance its acquisition of ADESA, Inc.'s U.S. physical auction business for approximately $2.2 billion. The funds from the Notes and a proposed $1 billion Series A perpetual preferred stock offering will be used for this acquisition, related expenses, and general corporate purposes. Notably, neither offering is contingent upon the other, allowing flexibility in financing strategies.

Carvana Co. (NYSE: CVNA) announced an upsized public offering of 15,625,000 shares of its Class A common stock at $80.00 per share. This offering has increased from an initial target of $1 billion. Notably, executives Ernest Garcia, II and Ernie Garcia, III will purchase 5,400,000 shares of the offering. The offering is expected to close on April 26, 2022. Proceeds will be used for general corporate purposes.

Carvana Co. (NYSE: CVNA) announced a private offering of $1 billion in Series A Preferred Stock with a liquidation preference of $1,000 per share. This offering is targeted at qualified institutional buyers and non-U.S. persons, with proceeds aimed at financing the acquisition of ADESA, Inc.'s U.S.-based auction business, general corporate purposes, and capital expenditures. Additionally, Carvana plans a public offering of $1 billion in Class A common stock, with key executives indicating interest in purchasing up to $432 million. The offerings are independent of each other.

Carvana Co. (NYSE: CVNA) plans to offer up to $1 billion in Class A common stock, subject to market conditions. Notably, executives Ernest Garcia II and III aim to purchase up to $432 million of this offering. In addition, Carvana proposes to issue $1 billion of Series A Preferred Stock and $2.275 billion in senior unsecured notes, primarily to finance its acquisition of ADESA, Inc.'s physical auction business. The proceeds will also be used for general corporate purposes. The offerings are not contingent on one another.