Carvana (CVNA) investor relations material

Market overview and opportunity

• U.S. used car market is massive, valued at $840 billion in 2019, with over 43,000 dealerships and highly fragmented market share; the largest dealer holds only 2.3% share.

• 81% of consumers dislike the traditional car buying process, and only 9% rate car salespeople as highly trustworthy.

• Digital transformation is accelerating, with 86% of buyers conducting online research and 61% open to purchasing cars online.

Customer experience and differentiation

• Offers a seamless, fully online car buying and selling process, with over 70,000 vehicles available and transactions completed in as little as 10 minutes.

• Provides a 7-day money-back guarantee, same-day delivery in select markets, and no dealer fees.

• Automated, data-driven vehicle appraisal and instant offers, with wholesale vehicle gross profit per unit reaching $1,328 in Q1 2026.

• Unique fulfillment through branded delivery and 39 car vending machines, enhancing customer experience and brand visibility.

• High customer satisfaction, with a 4.6/5 average rating and 84% of customers willing to recommend.

Scalable, nationwide infrastructure

• Acquired ADESA U.S., adding 56 locations and expanding reconditioning capacity to support up to 3 million annual retail units.

• Integrated reconditioning centers and logistics network enable broad inventory selection and fast delivery nationwide.