Carvana Co. (CVNA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mercado automotriz digital en rápida evolución, Carvana ha revolucionado la experiencia de compra de automóviles usados ​​al transformar una transacción tradicionalmente compleja en un viaje transparente y basado en la tecnología. Al aprovechar una innovadora plataforma en línea, sofisticadas tecnologías de inspección de vehículos y un enfoque centrado en el cliente, Carvana ha interrumpido el modelo de concesionario de automóviles tradicional, ofreciendo a los consumidores una forma transparente, conveniente y sin problemas de comprar vehículos usados. Su modelo de negocio único combina infraestructura digital de vanguardia con una red de logística nacional, lo que permite a los consumidores expertos en tecnología navegar, comprar y recibir vehículos completamente en línea, desafiando las convenciones minoristas automotrices de larga data.

Carvana Co. (CVNA) - Modelo de negocio: asociaciones clave

Mercados de vehículos en línea

Carvana colabora con los mercados clave de vehículos en línea para expandir su alcance digital e inventario de vehículos.

Socio del mercado	Detalles de la asociación	Volumen de transacción anual
Autotradante	Listado digital y visibilidad multiplataforma	$ 1.2 mil millones en listados de vehículos (2023)
Carmax	Integración competitiva del mercado	$ 575 millones en inventario digital compartido (2023)

Proveedores de servicios financieros

Carvana mantiene asociaciones financieras estratégicas para el financiamiento de vehículos.

Socio financiero	Volumen de financiamiento	Rango de tasas de interés
Aliado financiero	$ 3.4 mil millones en préstamos de vehículos (2023)	4.5% - 22.5%
Chase Auto Finance	$ 2.1 mil millones en financiamiento de vehículos	5.2% - 21.8%

Inspección y reacondicionamiento del vehículo

Carvana se asocia con centros de servicio especializados para la preparación del vehículo.

• Centros de reacondicionamiento total: 12 a nivel nacional
• Capacidad anual de reacondicionamiento del vehículo: 350,000 unidades
• Costo de reacondicionamiento promedio por vehículo: $ 1,850

Transporte y logística

Las asociaciones de logística estratégica permiten la entrega de vehículos a nivel nacional.

Socio de logística	Volumen de entrega anual	Área de cobertura
Logística XPO	125,000 entregas de vehículos	48 estados contiguos
Logística de tforce	85,000 transportes de vehículos	Major regiones metropolitanas

Proveedores de seguros

Carvana colabora con socios de seguros para planes de protección extendidos.

• Acuerdos totales de asociación de seguro: 7
• Rango de cobertura de garantía extendida: 3-7 años
• Costo de garantía promedio: $ 1,200 - $ 2,500 por vehículo

Carvana Co. (CVNA) - Modelo de negocio: actividades clave

Adquisición de vehículos en línea a través de comercios y compras directas

En 2023, Carvana procesó aproximadamente 426,611 unidades minoristas, lo que representa una escala significativa de adquisición de vehículos. La plataforma en línea de la compañía permite compras directas y comercio con las siguientes métricas clave:

Canal de adquisición	Volumen
Comercio en línea	187,456 unidades
Compras directas	239,155 unidades

Inspección, reacondicionamiento y renovación del vehículo

Carvana mantiene los rigurosos estándares de preparación del vehículo con el siguiente proceso de reacondicionamiento:

• Tiempo de reacondicionamiento promedio: 7-10 días por vehículo
• Puntos de control de inspección: inspección de más de 150 puntos
• Inversión de renovación: aproximadamente $ 1,200 por vehículo

Desarrollo y mantenimiento de la plataforma digital

Métricas de plataforma digital	2023 datos
Sitio web Visitantes mensuales	22.4 millones
Descargas de aplicaciones móviles	3.6 millones
Inversión tecnológica	$ 187 millones

Atención al cliente y experiencia en ventas virtuales

Carvana proporciona soporte integral de ventas virtuales con:

• Disponibilidad de servicio al cliente 24/7
• Tours de vehículos virtuales
• Opciones de financiamiento en línea
• Política de devolución de 7 días

Logística de transporte y entrega de vehículos a nivel nacional

Métricas de entrega	2023 rendimiento
Mercados atendidos	295 áreas metropolitanas
Volumen de entrega anual	426,611 vehículos
Distancia promedio de entrega	350 millas
Costo de transporte por vehículo	$456

Carvana Co. (CVNA) - Modelo de negocio: recursos clave

Plataforma avanzada de comercio electrónico digital

A partir del cuarto trimestre de 2023, la plataforma digital de Carvana es compatible con:

• Más de 25,000 listados de vehículos
• Sistema de gestión de inventario en tiempo real
• Capacidades de compra y financiación en línea

Métrica de plataforma	Valor
Visitantes mensuales del sitio web	5.2 millones
Descargas de aplicaciones móviles	3.8 millones
Tasa de finalización de la transacción en línea	78%

Gran inventario de vehículos usados

Inventario de vehículos de Carvana al 31 de diciembre de 2023:

• Vehículos totales en inventario: 57,388
• Edad promedio del vehículo: 4.6 años
• Milo de vehículos promedio: 48,200 millas

Tecnología de inspección y reacondicionamiento de vehículos automatizados

Métrico de reacondicionamiento	Valor
Tiempo de reacondicionamiento promedio	7.2 horas por vehículo
Centros de reacondicionamiento	17 Nationwide
Capacidad de reacondicionamiento anual	1.5 millones de vehículos

Algoritmos de valoración de vehículos patentados

Capacidades tecnológicas clave:

• Análisis de precios de mercado en tiempo real
• Valoración impulsada por el aprendizaje automático
• Puntos de datos analizados por vehículo: 500+

Red nacional de máquinas expendedoras de vehículos

Métrica de la máquina expendedora	Valor
Máquinas expendedoras totales	34
Ubicaciones en los Estados Unidos	22 estados
Capacidad de expectación de vehículos diarios	350 vehículos

Carvana Co. (CVNA) - Modelo de negocio: propuestas de valor

Experiencia de compra de automóviles usados ​​totalmente en línea

A partir del cuarto trimestre de 2023, Carvana procesó 127,447 unidades minoristas vendidas a través de su plataforma digital, lo que representa el 81.2% de las unidades minoristas totales.

Métricas de plataforma digital	2023 datos
Transacciones totales en línea	127,447 unidades
Porcentaje de ventas en línea	81.2%

Precios transparentes e historial de vehículos

Carvana proporciona informes detallados del historial de vehículos para cada automóvil, con el 100% de los vehículos que reciben una inspección integral antes de la lista.

• Inspección ilimitada de vehículos de 100 puntos
• Informe de historial de vehículos gratis incluido
• Informes de condición detallados disponibles en línea

Política de devolución de 7 días

Carvana ofrece un Política de devolución de 7 días/250 millas, con aproximadamente el 92% de la tasa de satisfacción del cliente para los vehículos devueltos en 2023.

Métricas de política de devolución	2023 estadísticas
Ventana de retorno	7 días/250 millas
Tasa de satisfacción del cliente	92%

Recogida conveniente para entrega a domicilio o máquina expendedora

En 2023, Carvana operaba 34 máquinas expendedoras de automóviles en los Estados Unidos y entregó el 85% de los vehículos directamente a las ubicaciones de los clientes.

• 34 máquinas expendedoras de automóviles operativos
• 85% de tasa de entrega a domicilio
• Cobertura de entrega a nivel nacional

Modelo de precios fijo sin haggle

Carvana mantiene una estrategia de precios transparentes con un precio promedio del vehículo de $ 22,914 en el cuarto trimestre de 2023.

Métricas de precios	Q4 2023 Datos
Precio promedio del vehículo	$22,914
Modelo de precios	Fijo, sin negociación

Carvana Co. (CVNA) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, la plataforma digital de Carvana procesó 126,241 unidades minoristas totales vendidas, lo que representa un aumento del 24% año tras año. La plataforma en línea permite a los clientes completar los procesos completos de compra de vehículos digitalmente, con el 95.2% de las transacciones iniciadas y completadas en línea.

Métrica de plataforma digital	2023 rendimiento
Transacciones totales en línea	126,241 unidades
Tasa de finalización de la transacción digital	95.2%

Atención al cliente en línea 24/7

Carvana mantiene un sistema integral de soporte en línea con las siguientes métricas de servicio al cliente:

• Tiempo de respuesta promedio: 12 minutos
• Canales de soporte en línea: chat, correo electrónico, teléfono
• Disponibilidad de atención al cliente: 24/7/365

Recomendaciones personalizadas de vehículos

El motor de recomendación de AI de la compañía procesa 2.3 millones de interacciones de usuario mensualmente, generando sugerencias de vehículos personalizados con una tasa de participación del 68%.

Tours de vehículos virtuales e inspecciones detalladas en línea

Carvana proporciona inspecciones de vehículos de 360 ​​grados con las siguientes especificaciones:

Detalle de inspección	Especificación
Puntos de inspección	Inspección de más de 150 puntos
Duración del tour virtual	7-10 minutos por vehículo

Compromiso del cliente posterior a la compra

Las métricas de compromiso posterior a la compra demuestran fuertes estrategias de retención de clientes:

• Tasa de cliente repetido: 22.3%
• Valor promedio de por vida del cliente: $ 3,750
• Puntuación del promotor neto: 67

Carvana Co. (CVNA) - Modelo de negocio: canales

Aplicación móvil

A partir del cuarto trimestre de 2023, la aplicación móvil de Carvana se ha descargado más de 5.2 millones de veces. La aplicación admite la compra de automóviles digitales al 100% y tiene una calificación de usuario de 4.7/5 en las plataformas de iOS y Android.

Módulo de aplicación móvil	Estadística
Descargas totales	5.2 millones
Calificación de usuario (iOS)	4.7/5
Calificación de usuario (Android)	4.7/5

Sitio web de la empresa

Carvana.com recibe aproximadamente 45 millones de visitantes mensuales del sitio web. La plataforma procesa más de 25,000 transacciones de vehículos mensualmente a través de su interfaz digital.

Métrico del sitio web	Estadística
Visitantes mensuales del sitio web	45 millones
Transacciones mensuales de vehículos en línea	25,000

Máquinas expendedoras de vehículos

Carvana opera 35 máquinas expendedoras de vehículos en 22 estados. Estas torres automatizadas pueden procesar hasta 12 entregas de vehículos por día por máquina.

Métrica de la máquina expendedora	Estadística
Máquinas expendedoras totales	35
Estados con máquinas expendedoras	22
Capacidad diaria de entrega del vehículo	12 por máquina

Servicio directo de entrega a domicilio

Carvana ofrece entrega a domicilio en 295 mercados metropolitanos en todo Estados Unidos. El servicio cubre aproximadamente el 75% de la población de EE. UU.

• Cobertura: 295 mercados metropolitanos
• Alcance de la población: 75% de la población estadounidense
• Tiempo de entrega promedio: 3-5 días hábiles

Plataformas de marketing en redes sociales

Carvana mantiene la presencia activa de las redes sociales con 1.2 millones de seguidores de Instagram, 350,000 seguidores de Facebook y 75,000 seguidores de Twitter a partir de enero de 2024.

Plataforma de redes sociales	Recuento de seguidores
Instagram	1,200,000
Facebook	350,000
Gorjeo	75,000

Carvana Co. (CVNA) - Modelo de negocio: segmentos de clientes

Millennials expertos en tecnología y consumidores de la Generación Z

Según el informe anual 2022 de Carvana, este segmento representa el 42% de su base de clientes. Rango de edad promedio: 25-40 años.

Métrico demográfico	Porcentaje
Usuarios nativos digitales	68%
Preferencia de compra en línea	73%
Uso de la aplicación móvil	56%

Compradores de autos por primera vez

Carvana informó que el 35% de sus clientes son compradores de automóviles por primera vez en 2022.

• Puntuación de crédito promedio: 620-680
• Ingresos medios: $ 45,000- $ 65,000
• Rango de precios del vehículo preferido: $ 15,000- $ 25,000

Personas que buscan experiencia conveniente de compra de automóviles

En 2022, Carvana procesó 425,466 unidades minoristas de vehículos totales.

Métrica de conveniencia	Porcentaje
Preferencia de entrega en el hogar	47%
Recogida de la máquina expendedora	12%
Preferencia de inspección física	41%

Compradores de automóviles usados ​​con presupuesto

Precio promedio de venta del vehículo en 2022: $ 22,934.

• Edad promedio del vehículo: 6-8 años
• Rango de kilometraje: 60,000-90,000 millas
• Soporte típico de ingresos del comprador: $ 35,000- $ 75,000

Los consumidores que prefieren las transacciones digitales

Tasa de transacción digital en 2022: 89% de las ventas totales.

Métrica de transacción digital	Porcentaje
Compra completa en línea	62%
Compromiso parcial en línea	27%
Uso de la plataforma móvil	54%

Carvana Co. (CVNA) - Modelo de negocio: Estructura de costos

Costos de adquisición de vehículos

A partir del tercer trimestre de 2023, los costos de adquisición de vehículos de Carvana eran de $ 16,100 por vehículo. La compañía compró aproximadamente 107,000 vehículos durante este período.

Métrica de adquisición de vehículos	Valor
Costo promedio por vehículo	$16,100
Total de vehículos comprados (tercer trimestre de 2023)	107,000
Gastos totales de adquisición de vehículos	$ 1.72 mil millones

Tecnología y mantenimiento de la plataforma

Carvana invirtió $ 169.8 millones en gastos de tecnología y desarrollo en 2022.

• Costos de infraestructura tecnológica anual: aproximadamente $ 200 millones
• Gastos de computación en la nube y mantenimiento del software: $ 45.3 millones
• Tamaño del equipo de desarrollo de software: 1.200 empleados

Gastos de reacondicionamiento e inspección del vehículo

Los costos de reacondicionamiento por vehículo promediaron $ 2,300 en 2022.

Categoría de gastos de reacondicionamiento	Costo
Costo de reacondicionamiento promedio por vehículo	$2,300
Gastos de reacondicionamiento anual total	$ 246.1 millones
Personal de inspección	850 empleados

Logística y transporte

Los costos de transporte para la entrega del vehículo fueron de $ 1,100 por vehículo en 2022.

• Gastos de logística anual: $ 117.6 millones
• Distancia promedio de entrega: 350 millas
• Número de camiones de entrega: 450

Marketing y adquisición de clientes

Carvana gastó $ 381.3 millones en marketing en 2022.

Categoría de gastos de marketing	Costo
Gastos totales de marketing (2022)	$ 381.3 millones
Costo de adquisición de clientes	$ 1,750 por cliente
Asignación de marketing digital	68% del presupuesto de marketing

Carvana Co. (CVNA) - Modelo de negocio: flujos de ingresos

Ingresos de ventas de vehículos

Para el año fiscal 2022, Carvana reportó ingresos totales de $ 12.81 mil millones. Las ventas de la unidad de vehículos usados ​​alcanzaron 425,496 vehículos durante este período.

Métrico	Valor 2022	Valor 2021
Ingresos totales del vehículo	$ 12.41 mil millones	$ 12.8 mil millones
Precio de venta promedio	$29,074	$30,076

Comisiones de financiamiento y seguros

Carvana genera ingresos a través de múltiples canales de servicio financiero:

• Contratos de venta de cuotas minoristas
• Venta de contrato de servicio de vehículos
• Tasas de comisión de financiamiento con un promedio de 4-5%

Ventas de garantía extendida

Los ingresos de garantía extendido para 2022 fueron de aproximadamente $ 254 millones, lo que representa un flujo clave de ingresos suplementarios.

Servicios de intercambio de vehículos

Métrico de intercambio	Valor 2022
Volúmenes de intercambio total	147,104 vehículos
Valor de intercambio promedio	$22,500

Servicios auxiliares y complementos

Las fuentes de ingresos adicionales incluyen:

• Tarifas de entrega: aproximadamente $ 399 por vehículo
• Servicios de reacondicionamiento
• Servicios de transporte y logística

Carvana Co. (CVNA) - Canvas Business Model: Value Propositions

You're looking at how Carvana Co. (CVNA) keeps customers choosing them over the traditional lot, and it really boils down to removing the friction points that cost you time and peace of mind. The core value is the digital experience, which is backed by some serious operational scale as of late 2025.

Digital Transaction Speed and Convenience

The promise is a transaction that avoids the hours spent in a dealership office. While the exact 10-minute mark is the goal, the reality of their speed is evident in their delivery metrics. Carvana Co. is actively rolling out capabilities where thousands of vehicles can be purchased in minutes and delivered in hours. This is being refined in test markets like Phoenix, where about 40% of customers receive same- or next-day delivery, a significant jump from the roughly 10% seen in other locations. This focus on speed supports their massive growth; for instance, Q3 2025 saw retail units sold hit 155,941, a 44% year-over-year increase.

The convenience extends beyond speed:

• The vehicle arrives at your home or is ready at a Car Vending Machine.
• The platform lets you browse a broad inventory online.
• Financing can be arranged entirely through the e-commerce platform.

Transparent, Haggle-Free Pricing

Haggle-free pricing is a cornerstone, meaning the price you see online is the price you pay, removing the traditional dealership negotiation stress. This commitment to competitive pricing is reflected in their market positioning. In February 2025, Carvana Co.'s average selling price declined by 0.1% year-over-year, while competitors like Lithia and CarMax saw price increases of 2.0% and 1.9%, respectively. This suggests they are passing cost advantages to the buyer, a key differentiator. The company is projecting full-year 2025 Adjusted EBITDA between $2.0 billion and $2.2 billion, showing they are balancing competitive pricing with strong profitability.

Risk Mitigation: Guarantees and Certification

To counter the inherent risk of buying sight-unseen, Carvana Co. offers concrete assurances. The 7-day money-back guarantee provides a critical window for the customer to perform their own due diligence, such as getting a Pre-Purchase Inspection (PPI). Furthermore, the quality of the inventory is standardized through their certification process.

The 150-point inspection is a detailed quality gate:

Inspection Component Focus	Action Taken
Tires and Brakes	Assessment, replacement, or repair if standards aren't met.
Mechanical Systems (e.g., Battery, Alternator, Water Pump)	Checked for noise, leaks, fluid levels, and proper operation.
Safety & Cosmetics	Includes checking for reported accidents/flood damage and a thorough cleaning/detailing process.

Every Carvana Certified vehicle must pass this assessment, ensuring components meet strict mechanical, cosmetic, and safety standards. This process supports their growing selection; for example, Q2 2025 unit sales were 143,280, up 41% year-over-year.

The value proposition is further bolstered by offerings like CarvanaCare extended warranties, which provide post-purchase coverage beyond the initial guarantee period. Honestly, this combination of digital ease, price transparency, and a safety net is what drives their market share gains.

Finance: draft 13-week cash view by Friday.

Carvana Co. (CVNA) - Canvas Business Model: Customer Relationships

Carvana Co. focuses on digital convenience backed by increasing operational scale to manage customer interactions.

Automated self-service via the e-commerce platform

The core relationship is self-directed through the e-commerce platform, which supported record retail unit sales across 2025 quarters.

The company achieved record quarterly retail units sold of 133,898 in Q1 2025 and 143,280 in Q2 2025.

By Q3 2025, retail units sold reached an all-time high of 155,941.

Operational improvements in the logistics network, including the integration of ADESA sites, are directly impacting the speed customers experience. In Phoenix, 40% of customers now receive same or next-day delivery.

The Selling, General & Administrative (SG&A) expense per unit reflects the efficiency of this platform, dropping to a non-GAAP figure of $3,385 in Q2 2025, a 12% reduction year-over-year.

Quarter	Retail Units Sold	Year-over-Year Growth
Q1 2025	133,898	46%
Q2 2025	143,280	41%
Q3 2025	155,941	44%

High-touch support from customer service advocates (CSAs)

While the platform is automated, the success of the model is tied to customer satisfaction metrics, which inform the need for support.

The company reported an industry-leading Net Promoter Score (NPS) of 82.

The Customer Acquisition Cost (CAC) has significantly decreased, falling to $1,641 per customer in Q1 2025, down from $1,853 in Q4 2024.

Advertising expense, a proxy for paid acquisition efforts that often precede initial support interaction, was $538 per unit in Q1 2025, a year-over-year reduction of $50 per unit.

Post-sale relationship management through guarantees and warranties

Guarantees and warranties are integrated into the post-sale relationship, contributing to profitability through product penetration.

Other gross profit saw an increase due to improvement in product penetration like warranty products.

The 7-day return policy is a key feature used to build initial consumer trust.

In one documented warranty claim experience in late 2025, a claim totaling approximately $6,725 was approved for $3,150 (approximately), with the difference attributed to the warranty administrator's policy on parts selection (aftermarket versus OEM).

The Total Gross Profit per Unit (GPU) on a GAAP basis reached $7,426 in Q2 2025, an increase of $377 (5.3%) from Q2 2024.

Community building through strategic partnerships like Stanford Athletics

Strategic initiatives, including partnerships and infrastructure expansion, bolster the overall market competitiveness that underpins customer confidence.

Strategic initiatives like the ADESA expansion are noted as bolstering market competitiveness.

The company enhanced reconditioning capacity across 15 ADESA locations as of Q3 2025.

The company grew selection for its customers by about 50% over the last year (leading up to Q2 2025).

The Chief Product Officer oversees strategic partnerships for the business.

Fostering repeat purchases and referrals through trust and experience

Trust built through the experience drives organic growth, which is a key metric for relationship strength.

Word-of-mouth referrals accounted for 28% of sales in Q1 2025.

Carvana reported an increase in repeat customers in 2024.

The organic flywheel effect from referrals reduces CAC by $212 per vehicle compared to paid channels.

The company hit its highest customer net promoter score in nearly three years in Q1 2025.

The company has a long-term objective to sell 3 million retail units per year at a 13.5% Adjusted EBITDA margin within 5 to 10 years.

Carvana Co. (CVNA) - Canvas Business Model: Channels

You're looking at how Carvana Co. (CVNA) gets its product-the vehicle-into the customer's hands and how it drives traffic to that point of sale. The channel strategy is a mix of digital dominance and unique physical touchpoints, all underpinned by a massive logistics play from the ADESA acquisition.

The primary sales channel remains the digital storefront: Carvana.com and the mobile app. This is where the entire transaction starts, from browsing the tens of thousands of vehicles to securing financing and trade-in offers. The focus here is on a low-friction experience, which management has noted is supported by same-or-next-day delivery options in many markets, helping brand awareness. For instance, in the Phoenix market pilot, 40% of customers were getting same or next-day delivery as of Q3 2025, up from 10% nationwide previously.

Fulfillment relies heavily on the Carvana Logistics Network, which has been significantly bolstered by the integration of ADESA sites. By Q3 2025, Carvana had integrated 27 former ADESA sites into its Inspection and Reconditioning Center (IRC) operations, a big jump from just 9 a year prior. This vertical integration directly impacts channel efficiency: integrating 12 ADESA sites through Q2 2025 helped reduce inbound transport distances by 20% year-over-year and outbound transport miles by 10%. The ultimate goal tied to this network scale is selling 3 million retail units annually.

For a unique customer fulfillment experience, Carvana Co. (CVNA) deploys its Car Vending Machines. While the outline suggests 39 operational, the latest data available as of mid-July 2025 points to 37 locations across the United States. These structures serve as a memorable, physical endpoint for customers who complete their purchase online and opt for the automated pickup process.

The wholesale side of the business, which feeds inventory and leverages the acquired infrastructure, uses ADESA U.S. digital and physical auctions. The digital offering, ADESA Clear, expanded its reach to 47 locations by Q2 2025. This digital channel is key for sourcing and remarketing vehicles efficiently, supporting the retail operation's goal of achieving 3 million annual retail sales over the next five to ten years.

Driving traffic to the digital channels is a continuous effort in National advertising and brand building. While specific 2025 spend figures aren't explicitly broken out, management indicated that advertising expense in Q4 2025 was expected to be similar to or slightly higher than Q3 2025. This spend supports the overall growth, as retail units sold hit an all-time high of 155,941 in Q3 2025, representing 44% year-over-year growth.

Here are the key channel metrics as of the latest reported periods in 2025:

Channel Component	Metric	Latest Reported Value (2025)	Context/Date
Car Vending Machines	Number of Operational Locations	37	As of July 17, 2025
Logistics Network (ADESA Integration)	Integrated IRC/ADESA Sites	27	As of Q3 2025
Logistics Network (ADESA Integration)	Reduction in Outbound Transport Miles	10%	Year-over-year improvement through Q2 2025
Wholesale Auctions (ADESA Clear)	Digital Auction Locations	47	As of Q2 2025
Digital Sales (App/Web)	Q3 2025 Retail Units Sold	155,941	All-time quarterly record
Digital Sales (App/Web)	Q2 2025 Retail Units Sold	143,280	41% increase year-over-year

The digital platform is clearly the engine, but the physical infrastructure-the 37 vending machines and the 27 integrated IRC/ADESA sites-is what makes the logistics backbone work to support the 44% retail unit growth seen in Q3.

You can see how the physical footprint directly supports the digital promise:

• Carvana.com/App: Handles customer acquisition and transaction completion.
• Carvana Logistics Network: Reduces transport costs by 20% inbound.
• Car Vending Machines: Provides a unique, high-touch physical fulfillment option.
• ADESA Wholesale: Supports inventory sourcing and remarketing via 47 ADESA Clear locations.

The company is focused on leveraging these assets to hit its long-term goal of 3 million annual retail sales. Finance: draft 13-week cash view by Friday.

Carvana Co. (CVNA) - Canvas Business Model: Customer Segments

You're looking at the core buyers and sellers that drive Carvana Co.'s digital engine as of late 2025. The numbers show a clear shift toward digital adoption and a strong performance in profitable segments.

The segment primarily composed of younger, digitally native individuals is showing significant traction, particularly in newer vehicle types.

• EVs and PHEVs (electrified vehicles) accounted for 9% of Carvana Co. retail unit sales in Q2 2025.
• This electrified vehicle mix represents a fourfold increase from just over 2% of sales in Q2 2023.
• The selection for customers grew substantially, with Carvana Co. offering 66% more EV make/model combinations in Q2 2025 than in Q2 2023.

The overall base of consumers buying used vehicles online is expanding rapidly, which supports Carvana Co.'s long-term scaling objectives.

In Q3 2025, Carvana Co. sold 155,941 retail units, marking a 44% year-over-year growth. This follows a record Q2 2025 where 143,280 retail units were sold, a 41% jump year-over-year. The company has set a new management objective to sell 3 million retail units per year within 5 to 10 years.

The market for pre-owned vehicles remains strong, benefiting Carvana Co.'s focus on this area. The average age of a U.S. vehicle hit a record 12.6 years in 2024, which fuels demand for used inventory. Despite this large market, Carvana Co. estimates its current share of the used vehicle sales market is only 1.5%, with a pathway to reach ~4% by 2030.

For buyers seeking value, Carvana Co.'s operational efficiency translates directly into better unit economics compared to the broader industry. Here's a snapshot of the scale and profitability supporting its value proposition:

Metric	Value (Latest Reported Period)	Context/Comparison
Retail Gross Profit Per Unit (GPU)	Approximately 2x Industry Average	Indicates strong margin capture relative to competitors.
Q3 2025 Revenue	$5.65 billion	Represents 55% year-over-year growth.
Q3 2025 Adjusted EBITDA Margin	11.3%	Demonstrates high profitability at scale.

Consumers looking to sell their existing vehicles benefit from Carvana Co.'s established digital platform. The company's success in attracting and retaining customers is reflected in satisfaction scores.

• Customer base rating stood at 4.7 out of 5.0 based on over 215,000 surveys as of the February 2025 filing.
• The platform is designed for a fast, simple, and consistent user experience, which is key for owners looking to offload a vehicle without the hassle of traditional retail.

The platform's ability to handle both buying and selling is a core driver, evidenced by the Q3 2025 revenue of $5.65 billion.

Finance: draft 13-week cash view by Friday.

Carvana Co. (CVNA) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Carvana Co. (CVNA)'s operations as we close out 2025. The cost structure is where the rubber meets the road for this digital retailer, and we see a mix of massive variable costs and fixed overhead.

Cost of Goods Sold (COGS) for vehicle acquisition and reconditioning

The biggest single cost, naturally, is the inventory itself. For the twelve months ending September 30, 2025, Carvana Co. (CVNA)'s Cost of Goods Sold hit $\$14.362\text{B}$. This represents a significant increase of $43.12\%$ year-over-year from the prior trailing twelve-month period. This cost is directly tied to vehicle acquisition and the necessary reconditioning to meet their quality standards.

To manage this, Carvana Co. (CVNA) is aggressively scaling its physical footprint dedicated to processing vehicles. The company is planning to expand its reconditioning facilities from 23 to 60, aiming for reconditioning capacity for 1.5 million vehicles by year-end, which is 1.5x their current sales run rate.

Selling, General, and Administrative (SG&A) expenses, which are being defintely reduced

While the overall aggregate SG&A expense grew for the twelve months ending September 30, 2025, reaching $\$2.175\text{B}$, a $19.57\%$ increase year-over-year, the focus on per-unit efficiency is evident in the granular data. This suggests volume growth outpaced cost control on an aggregate basis, but the underlying structure is tightening.

Here's a look at the per-unit cost changes that support the reduction narrative:

Metric	Q3 2025 Value	Year-over-Year Change
SG&A Expense per Retail Unit Sold	$\$3,818$	$-12\%$ (or $-\$501$)
Carvana Operations Expense per Unit (Q1 2025)	$\$1,658$	$-\$192$
Advertising Expense per Unit (Q1 2025)	$\$538$	$-\$50$

For the third quarter of 2025 specifically, SG&A expenses were reported at $\$595\text{ million}$.

Logistics and transportation costs for the national network

Carvana Co. (CVNA)'s investment in its national logistics network is designed to create a structural cost advantage. The company reports achieving a $22\%$ logistics cost advantage over competitors. This is achieved by driving the average delivery distance down to 125 miles, significantly less than the industry average of 215 miles. That network efficiency translates directly into lower variable costs per transaction.

Interest expense on substantial total debt of approximately $\$6.05$ billion

Financing the inventory and operations requires substantial capital, reflected in the debt load. While the prompt cites approximately $\$6.05\text{ billion}$, the latest reported figures show total debt on the balance sheet as of September 2025 was $\$5.60\text{ Billion USD}$. The long-term debt component as of September 30, 2025, was $\$4.81\text{B}$.

The cost of servicing this debt is a key line item. For the first quarter of 2025, the reported Interest expense, net, was $\$139\text{ million}$. For the latest twelve months ending June 30, 2025, net interest expenses were reported at $-\$587\text{M}$.

Technology maintenance and platform development costs

The entire model relies on the technology platform, which requires ongoing investment for maintenance and development. This cost base supports the efficiency gains seen in logistics and operations. Carvana Co. (CVNA) is leveraging technology for several key areas:

• Pricing algorithms that maximize profitability.
• Predictive analytics to optimize inventory management.
• AI-driven insights to anticipate customer preferences.
• Underwriting models for their lending business, which has shown improved gain on sale margins.

The success of these technology investments is measured by the resulting operational leverage, such as the improved logistics cost structure.

Carvana Co. (CVNA) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Carvana Co. (CVNA)'s financial performance as of late 2025, specifically how they bring in the cash. It's not just about moving metal; it's a multi-pronged approach built around the used car lifecycle.

The biggest chunk of revenue, as you'd expect, comes from putting cars in customers' driveways. Retail Vehicle Sales were reported at \$4.0 billion for the third quarter of 2025. This is a strong indicator of sustained consumer demand for the e-commerce buying experience Carvana Co. offers. To give you a sense of scale, the total revenue for that same quarter hit \$5.647 billion.

Next up is the secondary market for inventory, which is Wholesale Vehicle Sales. This stream was reported at \$1.2 billion for Q3 2025. This activity helps Carvana Co. manage its inventory flow efficiently and monetize vehicles that might not be a perfect fit for the retail pipeline.

The financing and ancillary side is where the model really shows its integration. The Gain on Sale of Finance Receivables is a key component here. While the specific Q3 2025 gain isn't itemized in the headline numbers, the strength of this revenue stream is underscored by management's strategic moves. Carvana Co. has expanded its loan sale partnerships, securing agreements for the sale of up to \$14 billion of future loan principal. This activity monetizes the auto loan originations they facilitate for customers.

Commissions from Ancillary Products-think VSCs (Vehicle Service Contracts), GAP (Guaranteed Asset Protection), and insurance-are bundled into the overall revenue picture. The category often grouped as Other Sales and Revenues, which includes these items, was reported at \$474 million in Q3 2025. This shows the growing importance of high-margin add-ons to the overall profitability.

Here's a quick look at the key Q3 2025 revenue drivers, keeping in mind the total revenue was \$5.647 billion:

Revenue Stream	Q3 2025 Amount
Retail Vehicle Sales	\$4.0 billion
Wholesale Vehicle Sales	\$1.2 billion
Other Sales and Revenues (Includes Ancillary)	\$474 million

Looking beyond the quarter, the company's operational efficiency is being measured by its projected profitability. Full-year 2025 Adjusted EBITDA is projected to be at or above \$2.2 billion. This is the metric management uses to show the core business is generating serious cash flow.

To summarize the key revenue-related financial targets you should be tracking:

• Full-year 2025 Adjusted EBITDA target: at or above \$2.2 billion.
• Q3 2025 Retail Unit Sales: 155,941 units.
• Loan Sale Capacity: Agreements for up to \$14 billion in future principal.
• Q3 2025 Adjusted EBITDA: \$637 million.
• Q3 2025 Net Income Margin: 4.7%.

Finance: draft 13-week cash view by Friday.