Carvana Co., founded in 2012 and headquartered in Tempe, Arizona, is a leading online automotive retailer dedicated to revolutionizing the way people buy and sell cars. The company offers a unique platform that enables customers to purchase, finance, and trade-in vehicles entirely online, providing a seamless and convenient experience that challenges traditional auto dealerships.
Company overview and issue history are AI generated, and should not be cited or relied on without verification.
Carvana made its first bond issuance in 2018, establishing the trend of utilizing secured asset-backed bonds to finance its growing operations. Significant issuances have included a $1 billion bond offering in 2020, which allowed the company to enhance its inventory financing amid expanding market opportunities. As of October 2023, yields on Carvana's bonds are notably higher than the industry average, reflecting the ongoing volatility in the used car market and investor sentiment regarding the company's financial performance and strategic direction.