This memo, originally written by Philip Kor at Hayden Capital, discusses the investment thesis for Carvana (CVNA), an e-commerce model used car dealership. It highlights Carvana's potential to disrupt the fragmented used car industry, its unique relationship with DriveTime, and its innovative business model that reduces capital requirements. The memo also addresses Carvana's growth prospects, management team, and the potential risks associated with the investment, including market skepticism and the history of Ernie Garcia II.
documents/EFTA00811942.pdf
{}