Carvana Adds Inspection and Reconditioning
Center Capabilities to ADESA Las Vegas, Expanding Total Production
Capacity and Enhancing Offering for Local Customers
Carvana Co. (NYSE: CVNA), an industry pioneer for buying and
selling used cars online, today announced plans for an auction and
reconditioning ‘Megasite’ integration in Las Vegas. With this
transition, Carvana will establish Inspection and Reconditioning
Center (IRC) capabilities at its existing ADESA Las Vegas wholesale
auction site while maintaining all digital and in-lane auction
operations. This location will anchor the growth of Carvana’s
retail and wholesale operations in the area and enhance the
company’s offering for retail and wholesale customers.
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Las Vegas is the third of ADESA’s wholesale auction locations to
become a Carvana auction-IRC Megasite. Carvana has already begun
hiring new IRC associates at this facility and expects the Megasite
transition to create approximately 200 new entry-level and skilled
jobs in the area over time.
“We are excited to continue to build out our powerful, national
footprint by bringing Carvana’s inspection and reconditioning
center capabilities to ADESA Las Vegas,” said Brian Boyd, Carvana’s
Senior Vice President of Inventory. “The Megasite transition not
only expands Carvana’s production capacity and improves network
efficiency for Carvana as a whole, but also drives faster delivery
times for local retail customers and a more robust auction offering
for local wholesale customers.”
ADESA Las Vegas is situated in North Las Vegas near the
intersection of Gowan Road and Losee Road, close to the I-15
highway. The automotive auction site has served thousands of
customers in the area for 14 years. Covering approximately 46 acres
and over 5,000 parking spaces, the site has ample space to
accommodate Carvana inspection and reconditioning activities while
maintaining all existing online and in-lane wholesale auction
operations.
Adding IRC capabilities to ADESA Las Vegas increases Carvana’s
total reconditioning capacity, which improves selection for all
customers. By creating a pool of retail inventory in a new
metropolitan area, it also makes Carvana’s reconditioning and
fulfillment network more efficient and gives local retail customers
access to more vehicles that can be delivered as soon as the same
or the next day.
ADESA Las Vegas’ efficient transition to an auction-IRC Megasite
will be enabled by the site’s significant existing footprint and
infrastructure as well as by its adoption of Carvana’s proprietary
CARLI software, which enables efficiency, scalability, and
consistency across its IRC network.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Carvana’s current
expectations and projections with respect to, among other things,
its financial condition, results of operations, plans, objectives,
strategy, future performance, and business. These statements may be
preceded by, followed by or include the words "aim," "anticipate,"
"believe," "estimate," "expect," "forecast," "intend," "likely,"
"outlook," "plan," "potential," "project," "projection," "seek,"
"can," "could," "may," "should," "would," "will," the negatives
thereof and other words and terms of similar meaning.
Forward-looking statements include all statements that are not
historical facts, including expectations regarding our retail
reconditioning capacities, real estate development, operational and
efficiency initiatives and gains, our strategy, forecasted results,
potential infrastructure capacity utilization, efficiency gains and
opportunities to improve our results, including opportunities to
increase our margins and reduce our expenses, expected customer
patterns and demand, potential benefits from new technology, and
our long-term financial goals and growth opportunities. Such
forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. Among these factors are
risks related to: our ability to utilize our available
infrastructure capacity and realize the expected benefits
therefrom, including increased margins and lower expenses; our
ability to scale up our business; the larger automotive ecosystem,
including consumer demand, global supply chain challenges, and
other macroeconomic issues; our ability to raise additional capital
and our substantial indebtedness; our history of losses and ability
to maintain profitability in the future; our ability to effectively
manage our historical rapid growth; our ability to maintain
customer service quality and reputational integrity and enhance our
brand; the seasonal and other fluctuations in our quarterly
operating results; our relationship with DriveTime and its
affiliates; the highly competitive industry in which we
participate, which among other consequences, could impact our
long-term growth opportunities; the changes in prices of new and
used vehicles; our ability to acquire desirable inventory; our
ability to sell our inventory expeditiously; and the other risks
identified under the “Risk Factors” section in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2023.
There is no assurance that any forward-looking statements will
materialize. You are cautioned not to place undue reliance on
forward-looking statements, which reflect expectations only as of
this date. Carvana does not undertake any obligation to publicly
update or review any forward-looking statement, whether as a result
of new information, future developments, or otherwise.
About Carvana
Carvana’s mission is to change the way people buy and sell cars.
Over the past decade, Carvana has revolutionized automotive retail
and delighted millions of customers with an offering that is fun,
fast, and fair. With Carvana, customers can choose from tens of
thousands of vehicles, get financing, trade-in, and complete a
purchase entirely online with the convenience of home delivery or
local pick up in over 300 U.S. markets. Carvana’s vertically
integrated platform is powered by its passionate team, unique
national infrastructure, and purpose-built technology. Carvana is a
Fortune 500 company and is proud to be recognized by Forbes as one
of America’s Best Employers.
For more information, please visit www.carvana.com.
About ADESA
ADESA is a leader in the wholesale auto auction industry,
serving customers both online and at its locations across the
country. Handling every aspect of the used vehicle lifecycle, ADESA
offers solutions that enable its OEM, financial institution, fleet
and dealer customers to maximize ROI. ADESA is the second largest
used vehicle physical auction business in the U.S. and is owned by
Carvana (NYSE: CVNA), the industry pioneer for buying and selling
used vehicles online. Learn more about ADESA here.
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MEDIA CONTACT: Carvana Communications
press@carvana.com
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