Carvana Stock Price, News & Analysis

Carvana (NYSE: CVNA) has announced its top-selling used vehicles for 2024, with the Tesla Model 3 claiming the number one position, surpassing the Chevrolet Equinox. The rankings show a significant shift in consumer preferences, with EVs gaining prominence and SUVs maintaining strong appeal. The top 10 list includes five SUVs, demonstrating their continued popularity among families.

The Tesla Model 3's rise from outside the top 20 in 2023 to the leading position in 2024 reflects growing EV demand. The company also announced reaching a milestone of 2 million cars sold lifetime-to-date in 2024. Popular models include the Chevrolet Equinox, Nissan Rogue, Ford Escape, Ford Explorer, Toyota Camry, Honda Civic, Nissan Altima, Jeep Grand Cherokee, and Ford F-150 SuperCrew.

Carvana (NYSE: CVNA) announced plans to integrate Inspection and Reconditioning Center (IRC) capabilities at its existing ADESA Boston wholesale auction site, creating an auction-IRC 'Megasite'. The 100-acre facility near Framingham will maintain digital and in-lane auction operations while expanding to include vehicle reconditioning services. The integration is expected to create approximately 200 new jobs and will increase Carvana's total reconditioning capacity. The site features over 13,000 parking spaces and will utilize Carvana's CARLI software for operations. This expansion aims to improve delivery times for local retail customers and enhance auction offerings for wholesale customers.

Carvana (NYSE:CVNA) has expanded its same-day vehicle delivery service to the Las Vegas, Nevada area. This enhancement allows select local residents to receive their purchased vehicles within hours of ordering on Carvana.com. The service is supported by Carvana's first-party logistics network and the new auction-IRC Megasite in Las Vegas, which combines inspection and reconditioning capabilities with an existing ADESA wholesale auction location. The company has been serving the Las Vegas area since 2017 and currently offers same-day delivery in parts of 16 states, with plans for continued expansion across its nationwide footprint.

Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, announced that Chief Financial Officer Mark Jenkins will present at the 2024 RBC Capital Markets Global Technology, Internet, Media and Telecommunication Conference. The presentation is scheduled for Wednesday, November 20, 2024, at 8:00 AM ET at the InterContinental New York Barclay.

The company will provide a live webcast of the presentation through their Investor Relations website, with an archived replay available after the event.

Carvana has launched a new broadcast campaign featuring seven-time NASCAR champion Jimmie Johnson to promote their same-day vehicle delivery service. The commercial, produced by Carvana's in-house creative team, shows Johnson experiencing a day as a Carvana customer advocate, highlighting how customers can receive their cars in less than 24 hours after ordering on carvana.com. The campaign will be distributed across television, digital, and social media platforms.

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.