What smart money is saying about Carvana
5 funds in our archive have pitched Carvana — most recently Optimist Fund in June 2026.
Carvana Co., along with its subsidiaries, operates a digital platform facilitating the purchase and sale of pre-owned vehicles across the United States. Their comprehensive services span the entire customer journey, including sourcing and reconditioning automobiles, providing an intuitive online browsing and transaction experience, offering financing solutions, and supplying complementary products. The company also manages its own specialized logistics network for distinctive delivery and pickup options, alongside providing extensive post-sale support. Furthermore, Carvana operates various vehicle auction sites. This company was established in 2012 and maintains its headquarters in Tempe, Arizona.
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Position history
Between Q1 2025 and Q2 2026, 3 fund letters reported a position in Carvana — 2 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 2 | 1 | 0 | 1 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Fund activity · 3 positions · 2 moves
- AddedOptimist FundJune 2026
“Carvana — Retail units sold continued to grow at a blistering ~40% year-over-year rate. We visited the Cleveland reconditioning center during the quarter and came away with two impressions. First, the quality of leadership below the C-suite, the ambition and energy of that group really stands out. Second, the efficiency opportunity is far from exhausted; there is still meaningful margin left to capture in operations. The stock is down ~20% this year and is trading at roughly 13x our estimate O P T I M I S T F U N D Q2 2026 Quarterly Letter optimistfund.com | 101 Yorkville Avenue, Suite 301, Toronto, ON M5R 1C1 | 416-594-9090 3 of 2027 EBITDA for a business growing organically 40% y/y which we view as a bargain. We have been adding to the position.”
Carvana - June 2026
“Carvana (CVNA): Carvana continues to defy skeptics by consistently surpassing execution expectations.”
Carvana - AddedSaga PortfolioMarch 2026
“In both cases, after I added to each holding, the shares fell further.”
Carvana
Also mentioned · 1
These funds discuss Carvana — as a competitor, benchmark or comparable — without disclosing a position in it.
- May 2026
“Supernatural Compounders ▪ Wise, Nubank, Biglari, Bollore, Carvana, Kelly Partners Capital Cycle/Investment Cycle +/- Sentiment Cycle”
Carvana
Fund coverage · 5 theses
- Optimist FundJune 2026
Carvana is a fast-growing used-car retailer with strong operating leadership, remaining margin upside, and an attractive valuation.
Read the full thesis - Saga PartnersDecember 2025
Carvana is building a vertically integrated used-car platform with compounding operating leverage and significant scalable capacity that the market undervalues.
Read the full thesis - Sands Capital Global GrowthSeptember 2025
Carvana is transforming the fragmented used car industry by providing a convenient, transparent, and competitive online purchasing experience, aiming to capture a significant share of the over $1 trillion market.
Read the full thesis - Sands Capital Select GrowthJune 2025
Carvana is transforming the fragmented used car industry by providing a superior online purchasing experience, aiming to capture a significant share of the market through convenience, transparency, and competitive pricing.
Read the full thesis - Patient Capital ManagementMarch 2025
Carvana is the world's largest online-only used car retailer, addressing market inefficiencies with no-negotiation pricing and rapid delivery, and poised for continued growth in a $1T market.
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