Carvana Co. (CVNA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mercado automotivo digital em rápida evolução, a Carvana revolucionou a experiência de compra de carros usada, transformando uma transação tradicionalmente complexa em uma jornada perfeita e orientada por tecnologia. Ao alavancar uma plataforma on-line inovadora, tecnologias sofisticadas de inspeção de veículos e uma abordagem centrada no cliente, o Carvana interrompeu o modelo tradicional de concessionária de carros, oferecendo aos consumidores uma maneira transparente, conveniente e sem complicações de comprar veículos pré-proprietários. Seu modelo de negócios exclusivo combina infraestrutura digital de ponta com uma rede de logística nacional, permitindo que os consumidores que conhecem a tecnologia naveguem, comprem e recebam veículos totalmente on-line, desafiando convenções automotivas de longa data.

Carvana Co. (CVNA) - Modelo de Negócios: Principais Parcerias

Mercados de veículos on -line

O Carvana colabora com os principais mercados de veículos on -line para expandir seu alcance digital e inventário de veículos.

Parceiro de mercado	Detalhes da parceria	Volume anual de transações
Autotrader	Listagem digital e visibilidade de plataforma cruzada	US $ 1,2 bilhão em listagens de veículos (2023)
Carmax	Integração competitiva do mercado	US $ 575 milhões em inventário digital compartilhado (2023)

Provedores de serviços financeiros

A Carvana mantém parcerias financeiras estratégicas para financiamento de veículos.

Parceiro financeiro	Volume de financiamento	Intervalo de taxa de juros
Aliado financeiro	US $ 3,4 bilhões em empréstimos para veículos (2023)	4.5% - 22.5%
Chase Auto Finance	US $ 2,1 bilhões em financiamento de veículos	5.2% - 21.8%

Inspeção e recondicionamento de veículos

A Carvana faz parceria com centros de serviços especializados para preparação de veículos.

• Centros de recondicionamento total: 12 em todo o país
• Capacidade anual de recondicionamento de veículos: 350.000 unidades
• Custo médio de recondicionamento por veículo: US $ 1.850

Transporte e logística

As parcerias de logística estratégica permitem a entrega nacional de veículos.

Parceiro de logística	Volume anual de entrega	Área de cobertura
XPO Logistics	125.000 entregas de veículos	48 Estados contíguos
Tforce Logistics	85.000 transportes de veículos	Principais regiões metropolitanas

Provedores de seguros

O Carvana colabora com parceiros de seguros para planos de proteção estendida.

• Acordos totais de parceria de seguro: 7
• Faixa de cobertura de garantia estendida: 3-7 anos
• Custo médio de garantia: US $ 1.200 - US $ 2.500 por veículo

Carvana Co. (CVNA) - Modelo de Negócios: Atividades -chave

Aquisição de veículos on-line através de trade-ins e compras diretas

Em 2023, o Carvana processou aproximadamente 426.611 unidades de varejo, representando uma escala significativa de aquisição de veículos. A plataforma on-line da empresa permite compras e trade-ins diretas com as seguintes métricas principais:

Canal de aquisição	Volume
Trades on-line	187.456 unidades
Compras diretas	239.155 unidades

Inspeção, recondicionamento e reforma de veículos

Carvana mantém padrões rigorosos de preparação de veículos com o seguinte processo de recondicionamento:

• Tempo médio de recondicionamento: 7-10 dias por veículo
• Pontos de verificação de inspeção: mais de 150 pontos de inspeção de pontos
• Investimento de reforma: aproximadamente US $ 1.200 por veículo

Desenvolvimento e manutenção da plataforma digital

Métricas de plataforma digital	2023 dados
Visitantes mensais do site	22,4 milhões
Downloads de aplicativos móveis	3,6 milhões
Investimento em tecnologia	US $ 187 milhões

Suporte ao cliente e experiência virtual de vendas

Carvana fornece suporte abrangente de vendas virtuais com:

• Disponibilidade de atendimento ao cliente 24/7
• Tours de veículos virtuais
• Opções de financiamento online
• Política de retorno de 7 dias

Transporte nacional de veículos e entrega logística

Métricas de entrega	2023 desempenho
Mercados servidos	295 áreas metropolitanas
Volume anual de entrega	426.611 veículos
Distância média de entrega	350 milhas
Custo de transporte por veículo	$456

Carvana Co. (CVNA) - Modelo de negócios: Recursos -chave

Plataforma avançada de comércio eletrônico digital

A partir do quarto trimestre 2023, a plataforma digital da Carvana suporta:

• Mais de 25.000 listagens de veículos
• Sistema de gerenciamento de inventário em tempo real
• Recursos de compra e financiamento online

Métrica da plataforma	Valor
Visitantes mensais do site	5,2 milhões
Downloads de aplicativos móveis	3,8 milhões
Taxa de conclusão de transação online	78%

Grande inventário de veículos usados

Inventário de veículos de Carvana em 31 de dezembro de 2023:

• Total de veículos no inventário: 57.388
• Idade média do veículo: 4,6 anos
• Milagem média do veículo: 48.200 milhas

Tecnologia automatizada de inspeção e recondicionamento de veículos

Métrica de recondicionamento	Valor
Tempo médio de recondicionamento	7,2 horas por veículo
Centros de recondicionamento	17 em todo o país
Capacidade anual de recondicionamento	1,5 milhão de veículos

Algoritmos de avaliação de veículos proprietários

Capacidades tecnológicas -chave:

• Análise de preço de mercado em tempo real
• Avaliação orientada a aprendizagem de máquina
• Pontos de dados analisados ​​por veículo: 500+

Rede nacional de máquinas de venda automática de veículos

Métrica da máquina de venda automática	Valor
Máquinas de venda automática total	34
Locais nos Estados Unidos	22 estados
Capacidade diária de venda de veículos	350 veículos

Carvana Co. (CVNA) - Modelo de Negócios: Proposições de Valor

Experiência de compra de carros usados ​​totalmente online

No quarto trimestre 2023, a Carvana processou 127.447 unidades de varejo vendidas por meio de sua plataforma digital, representando 81,2% do total de unidades de varejo.

Métricas de plataforma digital	2023 dados
Total de transações online	127.447 unidades
Porcentagem de vendas online	81.2%

Preços transparentes e histórico de veículos

O Carvana fornece relatórios detalhados do histórico de veículos para cada carro, com 100% dos veículos recebendo uma inspeção abrangente antes de listar.

• Inspeção ilimitada de veículos de 100 pontos
• Relatório de histórico de veículos gratuitos incluído
• Relatórios de condição detalhados disponíveis online

Política de retorno de 7 dias

Carvana oferece a Política de retorno de 7 dias/250 milhas, com aproximadamente 92% de taxa de satisfação do cliente para veículos retornados em 2023.

Métricas de Política de Retorno	2023 Estatísticas
Janela de retorno	7 dias/250 milhas
Taxa de satisfação do cliente	92%

Entrega em casa conveniente ou retirada de máquina de venda automática

Em 2023, a Carvana operava 34 máquinas de venda automática de carros nos Estados Unidos e entregou 85% dos veículos diretamente aos locais dos clientes.

• 34 máquinas de venda automática de carros operacionais
• Taxa de entrega em casa de 85%
• Cobertura de entrega em todo o país

Modelo de preços fixo sem gigantes

O Carvana mantém uma estratégia de preços transparentes com um preço médio de veículo de US $ 22.914 no quarto trimestre 2023.

Métricas de precificação	Q4 2023 dados
Preço médio do veículo	$22,914
Modelo de preços	Consertado, sem negociação

Carvana Co. (CVNA) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A partir do quarto trimestre de 2023, a plataforma digital da Carvana processou 126.241 unidades totais de varejo vendidas, representando um aumento de 24% em relação ao ano anterior. A plataforma on -line permite que os clientes preencham processos inteiros de compra de veículos digitalmente, com 95,2% das transações iniciadas e concluídas on -line.

Métrica da plataforma digital	2023 desempenho
Total de transações online	126.241 unidades
Taxa de conclusão da transação digital	95.2%

Suporte ao cliente on -line 24 horas por dia, 7 dias por semana

O Carvana mantém um sistema de suporte on -line abrangente com as seguintes métricas de atendimento ao cliente:

• Tempo médio de resposta: 12 minutos
• Canais de suporte on -line: bate -papo, e -mail, telefone
• Disponibilidade de suporte ao cliente: 24/7/365

Recomendações de veículos personalizados

O mecanismo de recomendação orientado pela AI da empresa processa 2,3 milhões de interações de usuário mensalmente, gerando sugestões de veículos personalizados com uma taxa de engajamento de 68%.

Tours de veículos virtuais e inspeções online detalhadas

O Carvana fornece inspeções de veículos em 360 graus com as seguintes especificações:

Detalhes de inspeção	Especificação
Pontos de inspeção	Mais de 150 pontos de inspeção de pontos
Duração do passeio virtual	7-10 minutos por veículo

O envolvimento do cliente pós-compra

As métricas de engajamento pós-compra demonstram fortes estratégias de retenção de clientes:

• Taxa repetida do cliente: 22,3%
• Valor da vida média do cliente: $ 3.750
• Pontuação do promotor líquido: 67

Carvana Co. (CVNA) - Modelo de Negócios: Canais

Aplicativo móvel

A partir do quarto trimestre 2023, o aplicativo móvel da Carvana foi baixado mais de 5,2 milhões de vezes. O aplicativo suporta 100% de compra de carros digitais e possui uma classificação de usuário de 4,7/5 nas plataformas iOS e Android.

Métrica de aplicativo móvel	Estatística
Downloads totais	5,2 milhões
Classificação do usuário (iOS)	4.7/5
Classificação do usuário (Android)	4.7/5

Site da empresa

Carvana.com recebe aproximadamente 45 milhões de visitantes mensais do site. A plataforma processa mais de 25.000 transações de veículos mensalmente por meio de sua interface digital.

Métrica do site	Estatística
Visitantes mensais do site	45 milhões
Transações mensais de veículos online	25,000

Máquinas de venda automática de veículos

A Carvana opera 35 máquinas de venda automática de veículos em 22 estados. Essas torres automatizadas podem processar até 12 entregas de veículos por dia por máquina.

Métrica da máquina de venda automática	Estatística
Máquinas de venda automática total	35
Estados com máquinas de venda automática	22
Capacidade diária de entrega de veículos	12 por máquina

Serviço de entrega em domicílio direto

O Carvana fornece entrega em domicílio em 295 mercados metropolitanos nos Estados Unidos. O serviço cobre aproximadamente 75% da população dos EUA.

• Cobertura: 295 mercados metropolitanos
• Alcance da população: 75% da população dos EUA
• Tempo médio de entrega: 3-5 dias úteis

Plataformas de marketing de mídia social

O Carvana mantém a presença ativa das mídias sociais com 1,2 milhão de seguidores do Instagram, 350.000 seguidores do Facebook e 75.000 seguidores no Twitter em janeiro de 2024.

Plataforma de mídia social	Contagem de seguidores
Instagram	1,200,000
Facebook	350,000
Twitter	75,000

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

Millennials e consumidores de geração Z.

De acordo com o relatório anual de 2022 da Carvana, este segmento representa 42% de sua base de clientes. Faixa média de idade: 25 a 40 anos.

Métrica demográfica	Percentagem
Usuários nativos digitais	68%
Preferência de compra on -line	73%
Uso do aplicativo móvel	56%

Compradores de carros pela primeira vez

A Carvana informou que 35% de seus clientes são compradores de carros pela primeira vez em 2022.

• Pontuação de crédito médio: 620-680
• Renda mediana: US $ 45.000 a US $ 65.000
• Faixa de preço do veículo preferido: US $ 15.000 a US $ 25.000

Indivíduos que buscam experiência conveniente de compra de carros

Em 2022, o Carvana processou 425.466 unidades totais de varejo de veículos.

Métrica de conveniência	Percentagem
Preferência de entrega em domicílio	47%
Captação de máquina de venda automática	12%
Preferência de inspeção física	41%

Compradores de carros usados ​​conscientes do orçamento

Preço médio de venda de veículos em 2022: US $ 22.934.

• Idade média do veículo: 6-8 anos
• Faixa de milhagem: 60.000-90.000 milhas
• Faixa de renda típica do comprador: US $ 35.000 a US $ 75.000

Consumidores preferindo transações digitais

Taxa de transação digital em 2022: 89% do total de vendas.

Métrica de transação digital	Percentagem
Compra on -line completa	62%
Engajamento online parcial	27%
Uso da plataforma móvel	54%

Carvana Co. (CVNA) - Modelo de negócios: estrutura de custos

Custos de aquisição de veículos

No terceiro trimestre de 2023, os custos de aquisição de veículos da Carvana eram de US $ 16.100 por veículo. A empresa comprou aproximadamente 107.000 veículos durante esse período.

Métrica de aquisição de veículos	Valor
Custo médio por veículo	$16,100
Veículos totais comprados (Q3 2023)	107,000
Despesas totais de aquisição de veículos	US $ 1,72 bilhão

Manutenção de tecnologia e plataforma

A Carvana investiu US $ 169,8 milhões em despesas de tecnologia e desenvolvimento em 2022.

• Custos anuais de infraestrutura de tecnologia: aproximadamente US $ 200 milhões
• Despesas de computação em nuvem e manutenção de software: US $ 45,3 milhões
• Tamanho da equipe de desenvolvimento de software: 1.200 funcionários

Despesas de recondicionamento e inspeção de veículos

Os custos de recondicionamento por veículo tiveram uma média de US $ 2.300 em 2022.

Categoria de despesas de recondicionamento	Custo
Custo médio de recondicionamento por veículo	$2,300
Despesas anuais totais de recondicionamento	US $ 246,1 milhões
Equipe de inspeção	850 funcionários

Logística e transporte

Os custos de transporte para entrega de veículos foram de US $ 1.100 por veículo em 2022.

• Despesas anuais de logística: US $ 117,6 milhões
• Distância média de entrega: 350 milhas
• Número de caminhões de entrega: 450

Marketing e aquisição de clientes

O Carvana gastou US $ 381,3 milhões em marketing em 2022.

Categoria de despesa de marketing	Custo
Despesas totais de marketing (2022)	US $ 381,3 milhões
Custo de aquisição do cliente	US $ 1.750 por cliente
Alocação de marketing digital	68% do orçamento de marketing

Carvana Co. (CVNA) - Modelo de negócios: fluxos de receita

Receita de vendas de veículos

Para o ano fiscal de 2022, o Carvana registrou receita total de US $ 12,81 bilhões. As vendas de unidades de veículo usadas atingiram 425.496 veículos durante esse período.

Métrica	2022 Valor	2021 Valor
Receita total do veículo	US $ 12,41 bilhões	US $ 12,8 bilhões
Preço médio de venda	$29,074	$30,076

Comissões de financiamento e seguro

Carvana gera receita através de vários canais de serviço financeiro:

• Contratos de vendas de parcelas de varejo
• Vendas de contratos de serviço de veículo
• Taxas de comissão de financiamento com média de 4-5%

Vendas de garantia estendida

A receita estendida da garantia para 2022 foi de aproximadamente US $ 254 milhões, representando um fluxo de renda suplementar.

Serviços de troca de veículos

Métrica de troca	2022 Valor
Volumes de troca total	147.104 veículos
Valor médio de troca	$22,500

Serviços auxiliares e complementos

Fluxos de receita adicionais incluem:

• Taxas de entrega: aproximadamente US $ 399 por veículo
• Serviços de recondicionamento
• Serviços de transporte e 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.