Online used-car dealer Carvana, known for its vehicle vending-machine towers, has a secret sauce to its business success
since the depth of the Covid-19-related selloff in March 2020 and is now valued at more than Ford Motor Co. at about $63 billion.
Part of the attraction to investors: selling cars is only part of what makes Carvana money. In the second quarter, around 36% of the company’s gross profit per unit came from selling loans it made to customers to buy the cars. Retail sales accounted for 39% of gross profit per unit, Carvana’s preferred earnings measure. Other types of income, including from vehicle-servicing contracts, made up the rest.
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