Carvana (CVNA) Corporate presentation summary

Market opportunity

• U.S. used-car sales totaled $840B in 2019; the largest dealer brand held 2.3% share and the top 100 retailers 11.1%, indicating a fragmented market.

• 81% of consumers did not enjoy car buying; 86% researched purchases online and 61% would consider buying a car online.

Customer proposition

• Purchase can be completed within 10 minutes after vehicle selection; offer includes a 7-day money-back guarantee and same-day delivery in select markets.

• Carvana.com listed 87,000+ vehicles as of September 30, 2026; customers can search, finance, buy, or sell online.

• Online vehicle offers are generated in real time, guaranteed for 7 days or 1,000 miles; wholesale vehicle GPU was $963 in Q3 2026.

• Customer measures as of September 30, 2026: 4.6 average rating, 290,000+ reviews, and 84% would recommend to a friend.

Scalable infrastructure and integration

• Acquired ADESA U.S. in Q2 2022, adding 56 locations; 21 sites integrated Carvana reconditioning, with 39 inventory pools at Q3 2026, up ~20% YoY.

• 18 IRCs and integrated ADESA sites support over 1M annual retail units, with potential capacity for 2M more; long-term growth ambition is 3M units sold annually.

• IRCs have ~1.5M-unit annual capacity at full utilization; Carvana Certified vehicles receive a 150-point inspection and have no reported accident, fire, frame, or flood damage per CARFAX and AutoCheck.

• First-party hub-and-spoke logistics supports delivery across more than 300 markets, with centralized inventory and lower shipping costs than third-party transport.