Ernie Garcia

“Also, shout-out to Meg, who's at home with her second and should be on a walk, but is almost certainly listening to this call. So, Meg, go for a walk. It's nice out.”

“The second quarter was another exciting quarter for Carvana. We sold almost 200,000 cars in the quarter. The power of compounding is clear in that number, as it is almost double the number of cars we sold just two years ago.”

“The first quarter was another outstanding quarter for Carvana. It was another quarter full of records, including a record 187,000 cars sold in a single quarter, a record gap operating income of $581 million, and record adjusted EBITDA of $672 million.”

“That's a big picture opening. for me to talk for hours and make everyone bored. I think the most important takeaway from that, I think we've worked for the last, what has it been now, 13 years, 14 years to build a customer offering that's really different.”

“2025 is another incredible year for Carvana. There are many useful ways to describe the progress that we've made, but one approach I return to each year is starting with the graphs at the beginning of our shareholder letter.”