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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Fund signal · last 12 months
7 lettersToo few moves on Carvana yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q3 2026, 7 fund letters reported a position in Carvana, with 2 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q2 2026 | 2 | 1 | 0 | 1 |
| Q1 2026 | 2 | 1 | 0 | 0 |
| Q4 2025 | 2 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 7 positions · 3 moves
- September 2026
“We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.”
Carvana - 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 - March 2026
“• Carvana is an online, vertically integrated used-vehicle dealer that leverages its national reconditioning and logistics infrastructure to buy, sell, recondition, and deliver vehicles directly to consumers. The company’s digital-first model is designed to offer a broader selection, greater transparency, and a more convenient purchasing experience than the traditional dealership model. We believe Carvana's scaled infrastructure and growing operational efficiency position it to capture meaningful share within a large and fragmented used-vehicle market. During the quarter, shares detracted from performance despite continued strength in retail unit volumes.”
Carvana - December 2025
“Carvana is the world’s largest ecommerce used car retailer by revenue.”
Carvana - December 2025
“The top individual absolute contributors to Select Growth’s results were Alphabet, Carvana, Taiwan Semiconductor, Amazon, and Broadcom. Alphabet is a global internet company whose principal businesses are Google and YouTube—two of the most- visited websites in the world. Shares advanced as the company is now increasingly viewed as a credible AI leader and rival to OpenAI, reversing earlier perceptions. In the third quarter, Search and paid clicks both accelerated, with paid clicks growing at their fastest pace in two years, supported by AI Overviews and AI Mode. Google Cloud reached a $60 billion annual run rate, while YouTube ad revenue rose 14 percent. Alphabet also released Gemini 3, its latest AI model, which topped industry benchmarks and runs on Google’s proprietary TPU chips, offering a potential cost advantage in delivering AI. Carvana is the world’s largest ecommerce used car retailer by revenue. Shares advanced after third-quarter results sustained exceptional growth and eased concerns about the lending business.”
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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