CARVANA CO.

Carvana Co. is a holding company that operates as the leading e-commerce platform for buying and selling used cars. The company aims to transform the used car buying and selling experience by offering a wide selection, value, quality, transparent pricing, and a simple transaction process. Carvana's business model integrates a comprehensive online sales experience with a vertically integrated supply chain, designed to sell high-quality vehicles transparently and efficiently at a low price. The U.S. used auto retail industry recorded approximately 37 million transactions in 2024, with the top 10 retailers holding less than 10% market share in 2024. Carvana has leveraged its logistics network, which covers 316 metropolitan statistical areas, and its in-house distribution network, servicing over 80% of the U.S. population as of December 31, 2025. Since its inception in 2012 through December 31, 2025, Carvana has sold 2.8 million retail vehicles, generating $84.1 billion in total revenue. The company primarily acquires its used vehicle inventory directly from customers, used car auctions (including through its digital auction platform), and wholesale used vehicle suppliers, including retail marketplace partners. Acquiring inventory directly from customers through trade-ins or one-way sales helps eliminate auction fees and provides a more diverse vehicle selection.