Carvana sales jump 42% to $8 billion as it preps for AI car shopping

Carvana, the online used car seller, reported $8 billion in revenue for the latest quarter, up 42% from a year earlier. The company announced the results Wednesday, Oct. 28. On the earnings call, its leaders also said they are preparing for shoppers who let AI helpers search for cars on their behalf.

What changed

Founder and CEO Ernie Garcia said Carvana has doubled the number of customers it serves in two years. He pointed to twice the selection, faster deliveries and lower loan interest rates. Revenue grew faster than the number of cars sold because Carvana stocked more higher-priced, late-model vehicles for buyers with strong credit.

The AI shopping problem

Garcia talked about agentic AI, meaning software that can act for you, such as hunting for a used car. He said it pushes more people toward digital purchases. Analyst Michael Baker of D.A. Davidson said that when he asked an AI agent to find a used car, Carvana's competitors showed up in many results.

Garcia said Carvana must make its cars readily available and publish its data in ways these bots can see. He added that the bigger Carvana gets, the more often it should appear.

What is not known yet

Carvana did not say, in the material available, how much it will spend on this effort. Separately, PYMNTS reported earlier this year that 57% of dealership staff say they use AI tools in some part of their work.