Carvana (Phoenix) released its second-quarter earnings report mid-last week. It included spikes in retail vehicle sales and revenue, which according to Automotive News, shows a great improvement in Carvana’s gross profit per vehicle. That gross profit rose 46 percent, which helped surprass a $3000 goal (by $175) that the company set for itself two years ago.
Carvana’s stock share price also rose by 35 percent and closed at $78.11 this past Friday.
Lee Krowl, a B. Riley FBR analyst, reportedly told Automotive News: "After the second quarter, people are realizing that Carvana sets out to do something and they are, in fact, tracking to what they said … This kind of validation is important, especially when you're in a newer business model where there's not a lot of benchmarks."