What's Going On With Carvana Stock Today?

Carvana Co. CVNA announced that it will integrate its Inspection and Reconditioning Center capabilities into the existing ADESA Indianapolis wholesale auction site.

The new “Megasite” will combine Carvana’s digital and in-lane auction operations with reconditioning services, boosting the company’s production capacity and offering serviceS to retail and wholesale customers in the Indianapolis area.

The transition is expected to create approximately 200 new jobs locally.

The ADESA Indianapolis site in Plainfield spans over 100 acres and includes nearly 12,000 parking spaces, providing infrastructure for Carvana’s expanded operations.

The site has been a significant player in the wholesale automotive market, and Carvana’s integration of IRC capabilities will add another layer to its offerings.

Also Read: BP Q4 Results: Lower Revenue, Rising Debt, CEO Pledges Fundamental Strategy Shift And More

Carvana’s move to expand its reconditioning capacity through this integration enhances its nationwide inventory, offering local customers quicker access to vehicles with potential same-day delivery.

Additionally, wholesale customers will benefit from enhanced auction operations, supported by Carvana’s CARLI software.

Mike Caggiano, Executive Vice President of Operations at ADESA, emphasized the integration’s potential to improve services for retail and wholesale customers while also creating new job opportunities. This development represents a significant step in Carvana’s efforts to strengthen its operational footprint and improve delivery efficiency in the region.

According to Benzinga Pro, CVNA stock has gained over 387% in the past year. Investors can gain exposure to the stock via Invesco Dorsey Wright Consumer Cyclicals Momentum ETF PEZ.

Price Action: CVNA shares are trading higher by 0.55% to $269.29 at last check Tuesday.

Read Next:

Photo via Shutterstock.