What’s actually driving Carvana’s margins?

As most CFOs are probably thinking, this structure could complicate the interpretation of Carvana’s unit economics. Profit is generated not only at the point of sale of the vehicle sale but also through credit origination, securitization and intercompany arrangements, making it difficult to isolate the contribution of core retail operations from financing-driven profit.Within this structure, privately held companies controlled by the Garcia family play key roles in the broader retail and financing ecosystem ...