What's Going On With Carvana Stock Today?

Carvana Co. CVNA shares moved slightly higher on Wednesday after the company announced the expansion of its same-day vehicle delivery service to the greater Denver area.

The new service enables select customers to receive their purchased vehicles within hours of placing an order through Carvana’s online platform.

Residents in the Denver metro area now have the option to receive same-day vehicle delivery or drop off their trade-ins after completing Carvana's digital appraisal and sales process.

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The move builds on Carvana's efforts to streamline the car-buying experience by enhancing speed and convenience.

Carvana's first-party logistics fleet supports the new service.

The regional logistics and reconditioning assets allow Denver customers to receive vehicles on the same day of purchase.

The Denver expansion follows Carvana's strong first-quarter earnings, which were reported on May 7.

First-quarter revenue rose to $4.23 billion, up 46% year-over-year, while adjusted EBITDA hit $488 million. Retail unit sales also set a new high, with 133,898 vehicles sold.

Net income reached $373 million, translating to an 8.8% profit margin, and free cash flow totaled $205 million.

In an interview earlier this month, Carvana CEO Ernie Garcia told The New York Times that the company is well-positioned to benefit from rising car prices.

The executive reiterated that operational efficiencies and customer-centric innovations, such as same-day delivery, are helping the company differentiate itself in a competitive landscape.

Benzinga Pro shows CVNA stock gained over 205% in the past year. Investors can gain exposure to the stock via Global X E-commerce ETF EBIZ.

Price Action: CVNA shares are trading higher by 2.23% to $319.94 at last check Wednesday.

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