Carvana ($CVNA): KMX vs CVNA 2Q24 (Research Note #12)

Comparing Carvana's and CarMax's retail units and economics over time, through their latest earnings.

This CVNA Research Note compares retail units and economics between Carvana and CarMax over time.

Comparisons are updated through Q2 2024 for Carvana and the most recent earnings for CarMax (and where I plan to update this following Carvana’s upcoming Q3 2024 earnings).

The purpose of this Research Note is to be able to determine how well Carvana is doing in relation to CarMax, under the many different components of their unit economics.

Additionally, I wanted to have as even of a comparison as possible between the two, which required some additional work given their different reporting practices and periods (where other online resources I use do not have these exact comparisons available).

Enjoy.