What's Going On With Carvana Stock Today?

Carvana Co. CVNA shares are trading lower in the premarket session on Wednesday.

The company has unveiled plans to integrate an auction and reconditioning ‘Megasite' in central New Jersey.

The move aims to enhance Carvana's capabilities while expanding its production capacity and improving services for both retail and wholesale customers.

The new facility will be located at ADESA New Jersey, a wholesale auto auction site in Manville, which spans 100 acres and has been serving the local market for nearly three decades.

The integration will bring Carvana's Inspection and Reconditioning Center, or IRC capabilities to the ADESA location, allowing for a more efficient and robust operation.

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This will streamline the company's reconditioning process and increase its retail inventory pool, benefiting local car buyers with faster delivery speeds—potentially as soon as the same or next day.

In addition, the facility will continue to offer complete digital and in-lane auction services for commercial clients, improving auction inventory and service offerings.

Carvana also plans to hire approximately 200 new employees for entry-level and skilled positions in Manville.

The site's expansion will not only bolster Carvana's operational efficiency but will also create new job opportunities in the region.

Brian Boyd, senior vice president of Inventory at Carvana, emphasized that the integration will help accelerate delivery times for customers and improve overall service efficiency, positioning the company for continued growth and success in the competitive used car market.

According to Benzinga Pro, CVNA stock has gained over 156% in the past year. Investors can gain exposure to the stock via Invesco Dorsey Wright Consumer Cyclicals Momentum ETF PEZ.

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