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    Carvana Co (CVNA)

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    Carvana Co. (CVNA) is a leading e-commerce platform specializing in the buying and selling of used cars. The company provides a seamless, customer-centric experience by leveraging technology to offer vehicle research, financing, purchasing, and delivery services. Carvana also operates a proprietary logistics network and patented vending machines to enhance efficiency and brand recognition.

    1. Retail Vehicle Sales - Sells used vehicles directly to customers through its online platform, offering a transparent and convenient purchasing experience.
    2. Wholesale Sales and Revenues - Sells trade-ins and other vehicles acquired from customers that do not meet retail inventory standards, as well as revenue from its wholesale marketplace platform.
    3. Other Sales and Revenues - Includes gains from the sale of finance receivables and commissions on ancillary products such as vehicle service contracts (VSCs), GAP waiver coverage, and auto insurance.
    NamePositionStart DateShort Bio
    Ernest Garcia IIIPresident, CEO, and Chairman2012Co-founded Carvana in 2012 and has served as its President, CEO, and Chairman since its inception. Previously held roles at DriveTime Automotive Group, Inc. and RBS Greenwich Capital.
    Mark JenkinsChief Financial OfficerJuly 2014Has served as the CFO of Carvana since July 2014. Previously a professor at the Wharton School, University of Pennsylvania, and worked at the Brattle Group.
    Benjamin HustonChief Operating Officer2012Co-founded Carvana and has served as the COO since 2012. Previously co-founded Looterang and worked at Latham and Watkins LLP.
    Ryan KeetonChief Brand Officer2012Co-founded Carvana and has served as its Chief Brand Officer since 2012. Previously a principal at the Montero Group and Director of Strategic Marketing for George P. Johnson.
    Daniel GillChief Product OfficerMarch 2015Has served as the Chief Product Officer at Carvana since March 2015. Previously worked at Inflection and co-founded Huddler.
    Paul BreauxVice President, General Counsel, and SecretaryAugust 2015Has served as the VP, General Counsel, and Secretary of Carvana since August 2015. Previously practiced law at Andrews Kurth LLP.
    Tom TairaPresident, Special ProjectsOctober 2018Has served as President, Special Projects at Carvana since October 2018. Previously co-founded Propel AI, TrueCar, Inc., and Honk LLC, and worked at Toyota Motor Sales, U.S.A..
    1. Given that you've historically grown units from Q2 to Q3, but are expecting seasonality to impact unit growth now despite adding production capacity and hiring more technicians, can you explain why you're anticipating seasonality at this stage?

    2. With SG&A expenses remaining flat while retail units sold increased by 33% , how sustainable is this level of SG&A leverage as you continue to scale, especially considering you're carrying capacity for approximately 3x retail unit sales?

    3. Can you elaborate on the potential impact of credit tightening on your business going forward, and whether you anticipate making further adjustments to your credit policies in light of performance trends?

    4. As you plan to pass back value to customers from future fundamental gains, how do you intend to balance this with the need to drive profitability, and what specific areas are you targeting for these gains?

    5. Given that you're operating below your target available website inventory due to strong demand and limited production capacity , what are the specific gating factors preventing you from scaling production more rapidly to meet customer demand?