Carvana is a U.S. e-commerce platform for buying and selling used cars. Customers shop from an inventory of over 75,000 used vehicles entirely online — including financing, trade-ins, and add-on products — and receive delivery to their door, in some markets as fast as the same day. Carvana also buys cars directly from consumers via instant offers and home pickup. The company operates its own logistics network covering 316 metropolitan areas and its reconditioning infrastructure covers over 80% of the U.S. population. Carvana generates gross profit across three streams it calls GPU (gross profit per unit): retail margins on vehicle sales, wholesale disposition of vehicles that don't meet retail standards through its ADESA Clear digital auction platform, and finance and ancillary products — which includes originating auto loans and selling vehicle service contracts and GAP coverage at checkout. Carvana originates loans using its own underwriting platform, then sells them to investors via securitizations or to partners like Ally. The finance and ancillary stream has become the largest GPU contributor on a per-unit basis. Because much of Carvana's overhead is fixed, per-unit SG&A falls as retail volumes grow, which is the primary mechanism for margin expansion at scale. Carvana's 2022 acquisition of ADESA added 56 physical locations across the U.S., which Carvana is converting into reconditioning centers while retaining their wholesale auction function.