IRC Tour Takeaways: Recon Fixes Look Ready for Prime-Time; BUY

Research evidence excerpt

IRC Tour Takeaways: Recon Fixes Look Ready for Prime-Time; BUY

June 4, 2026 Carvana Co.

(CVNA, Buy, $97 PT)

Marvin Fong, CFA

IRC Tour Takeaways: Recon Fixes Look Ready for Prime-Time; BUY (212) 527-3562 mfong@btig.comCONSUMER Company Data

WHAT YOU SHOULD KNOW: Earlier today we participated in CVNA's investor tour of Closing Price $66.19

its Elyria IRC located just outside of Cleveland, OH. Entering the tour, we were hoping

Price Target $97.00AND to learn more about the tools CVNA has developed to address the reconditioning

issues that came to light earlier this year and the tour delivered, in our view. The Market Cap (M) $74,152.58

reconditioning problems showed CVNA that its IRC general managers, especially the Enterprise Value (M) $88,413.01

less experienced ones, needed help managing labor in the facilities. Today's tour Shares Out (M) 1,120.30

showcased three new tools CVNA is piloting in a small group of IRCs: Roll Call, Leader Avg Daily Vol-3 Months (M) 12.96

Hub and CarFind. These tools solve many of the challenges managers have had by Dividend / Yield $0.00 / 0.0%

easily giving them a complete view of who showed up for work that day, what each

employee is working on at any given time and where each vehicle is in the IRC. In RevisionsTECHNOLOGY many ways, the improvements are surprisingly basic, but that also means they are low- Previous Current

hanging fruit that should make a significant impact in a short amount of time. Other Rating Buy Buy

opportunities highlighted on the tour were centralized planning, worker training, and Price Target $97.00 $97.00

ADESA Clear. Bigger picture, we were impressed by how CVNA is digitally mapping out FY26E REV 27,174.43 27,174.43

more of its resources and workflows, which will make it possible for AI to then optimize