Carvana Co (NYSE: CVNA) is an e-commerce used vehicle retail company that buys, reconditions, and sells used cars directly to consumers through an online platform. Revenue is generated through used vehicle sales, wholesale vehicle sales, and finance and insurance products, including gains on auto loan receivables sold to third parties. The 10-K filed 2026-02-18 (accession 000169082026000009) covers the fiscal year ended December 31, 2025. Carvana operates a vertically integrated model that includes proprietary inspection and reconditioning centers, a logistics network for vehicle delivery, and an in-house financing origination operation. The company sells vehicles nationwide in the United States via its website and mobile app, with a signature multi-story car vending machine format at select locations. Carvana was founded in 2012 and is headquartered in Tempe, Arizona.

Revenue model

Transactional revenue from retail used vehicle sales, wholesale vehicle sales, and finance and insurance products. Additional revenue comes from gains recognized on auto loan receivables sold to third-party purchasers.

Products and services

Used vehicle retail sales (online and vending machine pickup), vehicle reconditioning, proprietary auto loan origination and securitization, vehicle trade-ins, and finance and insurance products.

Customers and end markets

Individual consumers purchasing used vehicles in the United States.

Value-chain role

Direct-to-consumer used vehicle retailer and auto loan originator operating between wholesale vehicle sources and end consumers.

Geographic exposure

United States

Source: SEC 10-K, filed 2026-02-18

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