The Ledger
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Carvana sold more cars after eliminating nationwide free shipping
“And what ended up happening Is as a result, we unclogged our network from sort of wasted excess transport that brought delivery times down for everyone. We have fewer late deliveries from this sort of excess clogging of the network and we sell more cars. So by…”
Carvana aims to become the 'Amazon for cars' by distributing third-party vehicles
“I think that we should be selling other people's cars and we want to be Amazon for cars. We want to be able to distribute the cars that consumers want.”
Carvana CFO's 10-year-old Excel model accurately projected the company's long-term margins
“The Excel model that our CFO, Mark Jenkins, built 10 years ago has been quite prescient. When we said, this is where our long-term margins will come from. This is where the economies of scale will come from. And these are all the areas that we want to vertical…”
Carvana consolidated from 90 product teams down to eight in 2022
“And so what we did in 2022 is we went from 90 back to eight and we forced so much more Cross-functional prioritization.”
Carvana's first-party logistics network can reach 90% of US driveways
“Carvana first party logistics touches 90% of US driveways. So if you can get any car to either coast of the United States, we will get it to 90% of Americans within a week.”
Carvana's market cap went from $2B to $60B, $500M, then $50B
“We IPO'd at about two. We peaked at about sixty billion. We dropped back down to five hundred million, and we're back to fifty billion.”
Virtually no Carvana employee has done their job before at scale
“There's basically not a single person at Carvana that's done their job before. Certainly not at the scale that we do it at.”
Carvana once had 90 small product teams working in parallel
“At one point we had 90 very small teams working in parallel.”
Carvana executives meet with every single team in the company every week
“So several years ago, we took on an operating cadence where there is at least one executive team member, sometimes more than one, that meets with every single team in the company every single week.”
Carvana recruits product managers internally from frontline roles like delivery drivers
“We have a number of product managers in our organization that were customer advocates. They were on the phones listening to customers and dealing with customers all day, every day. We have ones that were loan underwriters. We have ones that did home delivery o…”
Carvana requires all product proposals to state their unit economic impact
“And you can distill that into a unit economic impact. You can say, what is this doing to our cost per unit? Or what is this doing to our profit per unit? And we ask everyone to collapse their ideas into that unit economic framework so that they can be compared…”
90% of Carvana's senior leadership has been with the company since 2019
“90% of our senior leadership has been with Carvana since before 2019, so well before the drop.”
AI will eliminate functional silos in product development within 10 years
“The siloization of functional orgs are going away. AI is, is reimagining what it means to write code or to do analytics and even to do design. And the most versatile problem solvers and thinkers are just going to be able to cover more ground than they're able …”
Carvana's driveway delivery staff will always scale with unit sales
“There are aspects of our business that are very people-centric, and I think we will want them to be people-centric forever. The person who shows up on your driveway and delivers your car even if that car were a self-driving car, I think, you know, there's stil…”
Carvana expects massive operating leverage in software headcount as sales double
“I do not think that to sell twice as many cars, we need twice as many product managers or twice as many software developers. We should be expecting incredible leverage over our fixed expense base in those areas and expecting those people to cover more ground o…”
Carvana plans to automate loan underwriting using API data instead of documents
“What we want is to automate everything and make everything self-service and intuitive. And if we can hit an API to get data on you to help our underwriting decision, instead of you having to provide a document to us, we're going to do that.”