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    Alexander Potter • Piper Sandler Companies

    Alexander Potter's questions to ACV Auctions Inc (ACVA) leadership

    Alexander Potter's questions to ACV Auctions Inc (ACVA) leadership • Q2 2025

    Question

    Alexander Potter of Piper Sandler Companies sought confirmation that the slight revenue guidance reduction was due to market conditions, not competitive pressures, and asked about the potential for using pricing increases as a lever to manage performance.

    Answer

    CFO Bill Zarella confirmed the guidance trim was a conservative adjustment based on macro factors like trade retention and tariff uncertainty, not a change in competitive standing. CEO George Chamoun stated that while they constantly evaluate fees, which remain below physical auctions, there is no specific timing for major increases. Zarella noted the current guidance already reflects a 5-6% ARPU increase from a buy-fee adjustment made earlier in the year.

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    Alexander Potter's questions to Carvana Co (CVNA) leadership

    Alexander Potter's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Alexander Potter of Piper Sandler Companies asked which part of Carvana's system is most likely to 'break' under the strain of a sustained 40% growth rate and whether any part of the operation is currently 'redlining'.

    Answer

    CEO Ernie Garcia responded that it does not feel like they are redlining, as teams are executing well. He identified reconditioning as the most operationally intense area but noted they are proactively investing in future capacity by integrating ADESA sites. He expressed confidence in their plans for logistics and other complex areas.

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    Alexander Potter's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Alexander Potter of Piper Sandler Companies asked what part of Carvana's system is most likely to 'break' under the strain of sustaining 40% growth and if any area is currently 'redlining'.

    Answer

    CEO Ernie Garcia responded that it does not feel like the company is redlining, as teams are executing well. He identified reconditioning as the most operationally intense area, but noted they are proactively laying the foundation for future growth by integrating ADESA sites. He also mentioned logistics and customer care as complex areas where the company is making significant efficiency gains.

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