Carvana ($CVNA): KMX vs CVNA 3Q24 (Research Note #16)

Analysis of Carvana's and CarMax's units and economics over time, through their latest earnings.

This CVNA Research Note compares and analyzes the units and economics between Carvana and CarMax over time, through their latest earnings (Q3 2024).

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, and why (including areas where Carvana or CarMax is doing something fundamentally different).

Improvements were made versus the last time this analysis was shared, such as by adding new breakouts and comparisons, and more discussion on the differences.

This analysis required additional work given the different reporting practices and periods between the two companies (where other online resources do not have these exact comparisons available, which can lead to making incorrect comparisons and conclusions).

Enjoy.