Carvana: Expanding New Car inventory nationwide using strategic dealership locations

Research evidence excerpt

Carvana: Expanding New Car inventory nationwide using strategic dealership locations

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Carvana

Expanding New Car inventory nationwide

using strategic dealership locations

Maintain Rating: NEUTRAL | PO: 88.00 USD | Price: 65.52 USD

Carvana expands New Car sales nationwide 23 June 2026

After seven CDJR acquisitions since March 2025, CVNA has expanded new inventory Equity

nationwide, moving beyond an early proof point, though new cars still represent only

Michael McGovern

about 1% of sales. In our first note on the topic from June 2025, following CVNA’s first Research Analyst

new dealership acquisition in March‘25, sales were limited to Phoenix, where our tracker BofAS +1 415 676 3520

found 66 New units available for next-day delivery, plus 8 units on hold for final sale. We mmcgovern@bofa.com

have the longest-running data set on Carvana’s new-car inventory growth, showing

expansion of Phoenix listings from 66 in June 2025 to 3,111 today (see data on next pg),

while SF Bay Area + Sac grew from 2,247 in mid-April 2026 to 3,340 by late June. Today, Stock Data

inventory across all seven tracked markets had converged to roughly 3.1k-3.35k listings,

suggesting CVNA is scaling a standardized, broadly syndicated new-car assortment. Price 65.52 USD

National availability is very recent, as previously Sacramento CDJR vehicles appeared Price Objective 88.00 USD

only in Sacramento & the Bay Area, while today a CDJR vehicle can be purchased & Date Established 30-Apr-2026

delivered all the way to Point Roberts, WA (~720 mi. away from nearest CVNA CDJR). Investment Opinion C-2-9

Per CNBC, CVNA has spent about $171mn to build the 7-store footprint. 52-Week Range 54.46 USD - 97.38 USD

Mrkt Val (mn) / Shares Out 71,417 USD / 1,090.0