Carvana ($CVNA): KMX 4Q24 vs CVNA 3Q24 (Research Note #17)

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.

More specifically, this Research Note has been updated through KMX’s latest earnings on December 19th, 2024 (their quarter ending November 30th), allowing for:

• Comparisons to CVNA’s last quarter with 3Q24 financials

• Comparisons to CVNA’s forecasted 4Q24 units (for QoQ and YoY growth)

In general, 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).

Enjoy.

---

New Commentary in this Update

In addition to updating all the KMX numbers within the graphs and tables, I also added new commentary + notes to this update, following the Hindenburg Report on CVNA + the latest KMX earnings call.