CARVANA

Introduction to Carvana

October 2024

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Carvana's current expectations and projections with respect to; among other things, its financial condition; "anticipate, "estimate, "expect;" "forecast;' 'intend;" "likely, "outlook' 'potential, "project, 'projection;" "seek;" "can' "could, "may, "should, will, the negatives thereof and other words and terms of similar meaning. Forward-looking statements there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to the "Risk Factors" identified in our Annual Report on Form 10-K for 2023 and our Quarterly Reports on Form 10-Q. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date: Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Market and Industry Data

This presentation includes information concerning economic conditions, the Company's industry, the Company's markets and the competitive position that is based on a variety of sources, including information from independent industry analysts and publicatioi Carvana's own estimates and research. Carvana's estimates are derived from publicly available information released by third party to be reasonable. The independent industry publications used in this presentation were not prepared on the Company's behalf. Wh estimates and projects involve risk and uncertainties and are subject to change based on various factors.



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KEY OPERATING METRICS

SUCCESSFUL EXECUTION




KEY INVESTMENT HIGHLIGHTS



INDUSTRY OVERVIEW

Massive

Fragmented




MASSIVE, STABLE, FRAGMENTED MARKET

DIGITAL ECONOMY IS TRANSFORMING CAR BUYING


SUPERIOR CUSTOMER EXPERIENCE

CARVANA'S VISION IS FOCUSED ON PROVIDING OUR CUSTOMERS WITH:




SUPERIOR CUSTOMER EXPERIENCE

A SIMPLE AND SEAMLESS CAR BUYING EXPERIENCE

Vehicle Search &

Device Intuitive vehicle search with 45,000+ vehicles on the website Any

ide or Sell AII Online contingent trade-in offers

al-Time, Personalized

Financing Majority of customers have

Seamless Transaction

Technology a car without leaving device Buy your




SUPERIOR CUSTOMER EXPERIENCE

A A CAR




SUPERIOR CUSTOMER EXPERIENCE

FULFILLMENT EXPERIENCES



Carvana Delivery

• · Scheduled appointments with delivery as soon as the same day in certain markets
• · Delivered by Carvana-uniformed employee in a branded, custom single or two car hauler_ in our markets

ending Machine Vending Machine

• Operation efficiencies combined with · Operation efficiencies combined strong branding
• · operational 39 vending machines currently
• · Creates a unique video of the experience for customers to share via social media

SUPERIOR CUSTOMER EXPERIENCE

DELIVERING SUPERIOR

CUSTOMER

4.7

Rating (1)

'

'

212,000+

Customer Reviews

Would Recommend

Carvana will

change the

Carvana is

way cars are

sold.

As of September 30, 2024

• (2) Through September 30, 2024, based on respondents to the question
• (3) Survey performed by Bazaarvoice through September 30, 2024

the bomb!

'

never

'

thought car

85%

67

Net Promótêr Score

(NPS) (3)

'



GROWING UNITS & REVENUE

PROVEN EXPANSION STRATEGY




VERTICAL INTEGRATION & FULFILLMENT

SUPPORTED BY PROPRIETARY VEHICLE ACQUISITION ALGORITHM



45,000+ cars on the website in all markets vs. 11-200 at typical dealers (1)



VERTICAL INTEGRATION & FULFILLMENT

IN-HOUSE INSPECTION RECONDITIONING & MERCHANDIZING

Inspection and Reconditioning

• · Ability to all car types and recondition them to a consistent car quality buy
• · Robust processes and internal expertise to set up future IRCs as needed

Photography and Annotation


• · Annual capacity of over Im units at full IRC utilization*
• · 360-degree, interactive exterior and interior virtual tour of each vehicle
• · Transparency to the customer through annotation of material defects
• · Patented imaging technology


VERTICAL INTEGRATION & FULFILLMENT

BACKED BY IN-HOUSE LOGISTICS NETWORK

CARVANA MARKETS, VENDING MACHINES , IRCs, AND ADESA SITES



Premium Fulfillment Capabilities

Control over delivery times enables seamless customer experience

Speed of delivery drives conversion

Centralized inventory powers broad selection

Enables vehicle cost arbitrage across geographies

Lower cost than using third-party shipping



GROWING UNITS & REVENUE

RAPID SECULAR GROWTH



244,111

177,549

94,108

44,252

18,761

91,87



EXPANDING GPU & OPERATING METRICS

GROWTH LEVERAGING UNIT ECONOMICS

GROSS PROFIT PER UNIT

Kev Drivers of Gross




COMPETITIVE ADVANTAGES

INTEGRATION CREATES COMPETITIVE ADVANTAGES National Consumer



OUR PURPOSE-BUILT, E-COMMERCE MODEL IS HIGHLY DIFFERENTIATED FROM THE TRADITIONAL BRICK-AND-MORTAR MODEL




LEADING TO A MORE CUSTOMER-CENTRIC OFFERING



AND BETTER UNIT ECONOMICS, DRIVEN BY OUR NATIONAL INVENTORY, VERTICAL INTEGRATION, AND SCALE




ALL BACKED BY PROPRIETARY CUSTOM-BUILT TECHNOLOGY




COMPETITIVE ADVANTAGES

PROGRESS TOWARDS OUR FINANCIAL OBJECTIVES




COMPETITIVE ADVANTAGES

SIGNIFICANT GROWTH OPPORTUNITIES

Develop New Products

Improve Brand Awareness



Drive Revenue Growth in Existing Markets



Enter New Geographical Markets Key



Innovate and Extend Technology Leadership




COMPETITIVE ADVANTAGES

KEY INVESTMENT HIGHLIGHTS





(income) expense, net, depreciation and amortization expense, goodwill impairment, share-based compensation expense, and restruct expense, minus revenue related to our Root Warrants and gain on debt extinguishment. Adjusted EBITDA margin is Adjusted EBITDA as percentage of total revenues.

We believe that these metrics are useful measures to us and to our investors because they exclude certain financial, capital structu because may vary widely across time and within our industry independent of the performance of our core operations. We belie they




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