Carvana Announces First Quarter 2019 Financial Results

Retail Units Sold of 36,766 an increase of 99% YoY

Revenue of $755.2 Million, an increase of 110% YoY

Total Gross Profit (incl. gift) of $88.5 Million, an increase of 159%
YoY

Vehicles Purchased Directly from Customers up 232% YoY

PHOENIX–(BUSINESS WIRE)–Carvana Co. (NYSE: CVNA), a leading e-commerce platform for buying used
cars, today announced financial results for the quarter ended March 31,
2019. Carvana’s complete first quarter 2019 financial results and
management commentary can be found by accessing the Company’s
shareholder letter on the quarterly
results page
of the investor relations website.

“The first quarter marked several spectacular milestones for Carvana. We
delivered another quarter of triple digit revenue growth, entered our
100th market, and successfully completed our first securitization all
while continuing to deliver exceptional customer experiences,” said
Ernie Garcia, founder and CEO of Carvana. “2019 is off to a great start.
We are energized and remain focused on our goal of selling more than 2
million cars per year.”

Conference Call Details

Carvana will host a conference call today, May 8, 2019, at 5:30 p.m. EDT
(2:30 p.m. PDT) to discuss financial results. To participate in the live
call, analysts and investors should dial (833) 255-2830 or (412)
902-6715 and ask for “Carvana Earnings.” A live audio webcast of the
conference call along with supplemental financial information will also
be accessible on the company’s website at https://investors.carvana.com/.
Following the webcast, an archived version will be available on the
website for one year. A telephonic replay of the conference call will be
available until May 15, 2019, by dialing (877) 344-7529 or (412)
317-0088 and entering passcode 10130283#.

Forward Looking Statements

This letter 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, results of operations, plans, objectives, future performance,
and business. These statements may be preceded by, followed by or
include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,”
“forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,”
“project,” “projection,” “seek,” “can,” “could,” “may,” “should,”
“would,” “will,” the negatives thereof and other words and terms of
similar meaning. Forward-looking statements include all statements that
are not historical facts. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, 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 2018 and our Quarterly Report on Form 10-Q for Q1 2019.
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.

About Carvana (NYSE: CVNA)

Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is
to change the way people buy cars. By removing the traditional
dealership infrastructure and replacing it with technology and
exceptional customer service, Carvana offers consumers an intuitive and
convenient online car buying and financing platform. Carvana.com enables
consumers to quickly and easily shop more than 15,000 vehicles, finance,
trade-in or sell their current vehicle to Carvana, sign contracts, and
schedule as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.

For further information on Carvana, please visit www.carvana.com,
or connect with us on FacebookInstagram or Twitter.

Contacts

Investor Relations:
Carvana
Mike Levin
investors@carvana.com

or

Media Contact:
Carvana
Kate Carver
carvana@icfnext.com

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