Carvana Co.

Core business

Leading e-commerce platform for buying and selling used cars, operating a vertically integrated model that combines an online shopping experience with an in-house logistics and reconditioning network.
Controls vehicle acquisition, inspection and reconditioning, inventory management, online merchandising, financing, and delivery/pickup logistics, including car vending machines and home delivery.

Nationwide logistics network serving over 80% of the U.S. population as of December 31, 2025.
Operates 39 car vending machines across the United States.
National pooled inventory available on the website — over 75,000 units as of December 31, 2025.
Reconditioning capacity capable of handling approximately 1.5 million vehicles per year at full utilization.
Since 2012, Carvana has sold 2.8 million retail vehicles.

In 2022, acquired ADESA US Auction, LLC, adding 56 locations and expanding reconditioning capacity and inventory proximity to customers.
As of December 31, 2025, 16 ADESA auction sites have been built out to provide in-house IRC capabilities; remaining ADESA sites continue to support growth.

Total revenue (cumulative) through December 31, 2025: $84.1 billion (revenue since inception in 2012).
Vehicles sold: 2.8 million retail vehicles sold through December 31, 2025.
Employee base: over 23,100 full-time and part-time employees as of December 31, 2025.
U.S. used vehicle retail market was about 37 million transactions in 2024 (Cox Automotive); Carvana’s estimated market share in that market was around 1.6% as of December 31, 2025.
Average customer satisfaction rating of 4.7 out of 5.0 from over 245,000 surveys collected since inception through December 31, 2025.

Vehicle service contracts (VSCs) and guaranteed asset protection (GAP) waivers, primarily for financed purchases.
Auto insurance through an integrated partnership with Root, Inc.
Financing primarily provided in-house via Carvana’s financing platform, with options for cash or third-party financing.

Proprietary technology across the end-to-end process, including inventory decision models, reconditioning and parts procurement systems, automated vehicle photography and 360-degree tours, advanced website search and filtering, logistics optimization, automated delivery towers (vending machines), AI-powered customer interactions, and lending technology for financing and securitization.

Growth strategy focused on expanding market presence, optimizing inventory selection, maintaining technology leadership, and building brand awareness through advertising, referrals, and distinctive vending machine installations.