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CVNA - CarMax Turns Inventory Faster Than Competitors
Carvana Co. Class A
Introduction
My thesis is that CarMax (KMX) is advantaged relative to competitors with respect to moving inventory quickly. CarMax retails more used cars than anyone in the U.S. and its 4Q20 earnings release (ending February 29, 2019) shows 206,718 units sold. AutoNation (AN) sold 59,022 units in 4Q19 and Carvana (CVNA) sold 50,370. Other competitors include Asbury (ABG), Lithia Motors (LAD), Penske (PAG) and Sonic (SAH).
The latest fiscal year for CarMax is 2020 and it ended February 29th, 2020. We use the word "cars" loosely in this article seeing as the CarMax 3Q20 earnings