Carvana Co. - Ordinary Shares - Class A (CVNA)

Carvana Co. is not just another used-car dealer - it is the pioneer of the pure-digital used-vehicle retail model that changed how Americans buy cars. Picture buying a used car entirely online, from search to financing to delivery at your doorstep or pickup at one of Carvana's iconic car vending machines - without ever setting foot on a traditional dealer lot.

Carvana's business model rests on three pillars: retail vehicle sales, auto-loan financing (which is subsequently securitized and sold to institutional investors), and a trade-in service where customers can sell their old vehicle directly to Carvana. Revenue from financing and ancillary products (extended warranties, GAP insurance) contributes meaningfully to the company's profit margin - this is not simply a story of unit sales.

After coming close to bankruptcy in 2022-2023 due to excessive debt and aggressive growth spending, Carvana executed one of the most dramatic turnarounds in recent US retail history - restructuring its debt, cutting operating costs sharply, and returning to strong unit-growth momentum since 2024. Q1 2026 confirmed retail unit sales up 40% YoY to 187,393 units, with revenue up 52% YoY.

The company is led by Ernest Garcia III as President and CEO, while Ernest Garcia II - his father - is the founder and largest shareholder. This father-son leadership structure is a factual feature of the company; concerns related to governance around this structure are discussed in the Red Flags section of this report.

Shariah Status: Per the zoya_us_stock_reference database, CVNA is classified as SHARIAH COMPLIANT. It is worth understanding plainly that Carvana's core business also includes auto-loan origination and financial product securitization (interest-based income) as part of its revenue model - this is a structural reality of the business you should be aware of, even as the current classification per the reference database remains compliant.

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