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    Chris Bottiglieri • BNP Paribas

    Chris Bottiglieri's questions to Carvana Co (CVNA) leadership

    Chris Bottiglieri's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Chris Bottiglieri of BNP Paribas questioned the drivers of the significant inventory build, asking if it was due to selection growth or an accounting change. He also inquired about the mix shift towards more expensive vehicles.

    Answer

    CFO Mark Jenkins identified three drivers for the inventory increase: sales growth, a contract change with a partner that moved inventory onto Carvana's balance sheet, and a higher average vehicle cost. He explained the ASP shift is driven by algorithms tracking market dynamics, not a specific strategy to target prime customers.

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    Chris Bottiglieri's questions to Carvana Co (CVNA) leadership • Q2 2025

    Question

    Chris Bottiglieri of BNP Paribas inquired about the drivers behind the large inventory build during the quarter and asked about the mix shift towards more expensive vehicles.

    Answer

    CFO Mark Jenkins identified three drivers for the inventory increase: sales and selection growth, a contract change with a partner that moved inventory to Carvana's balance sheet, and a higher average vehicle cost. He explained the shift to higher-priced vehicles is driven by algorithms tracking supply and demand, not a specific strategy to target a certain price point.

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    Chris Bottiglieri's questions to Lithia Motors Inc (LAD) leadership

    Chris Bottiglieri's questions to Lithia Motors Inc (LAD) leadership • Q2 2025

    Question

    Chris Bottiglieri of BNP Paribas asked about the drivers behind the raised GPU guidance and how tariffs and inventory levels might affect it. He also sought details on credit performance, specifically differences between recent loan vintages and borrower profiles.

    Answer

    President & CEO Bryan DeBoer stated the company is insulated from tariff impacts due to its diversified model and expects manufacturers to respond with incentives. SVP of Finance Chuck Lietz noted that while 2021 loan vintages underperformed, the strategic shift to higher-quality credit is evident in the strong performance of 2023-2025 vintages, with CEO Bryan DeBoer adding the average FICO score was 746.

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    Chris Bottiglieri's questions to Carmax Inc (KMX) leadership

    Chris Bottiglieri's questions to Carmax Inc (KMX) leadership • Q1 2026

    Question

    Chris Bottiglieri from BNP Paribas sought clarification on the 'held for sale' loan pool and asked about the drivers for the increased loan loss provision, specifically the impact of the macro environment and student loan repayments.

    Answer

    EVP of Auto Finance Jon Daniels clarified that the majority of the provision takedown was from receivables already in the reserve. He noted that while 2022 and 2023 vintages performed unfavorably, the company has not seen a material change in performance from customers with student loans. President & CEO Bill Nash added that these vintages remain highly profitable.

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