Company Announcements

Shoppers Dive into Features and Specs as EV Interest Increases and Selection Grows

PHOENIX--(BUSINESS WIRE)--Oct. 22, 2024-- Carvana (NYSE: CVNA), an industry pioneer for buying and selling used cars online, today released its EV Trends Report for Q3 2024. The report focuses on consumer search behavior, showcasing the increasing interest in electric vehicles (EVs) and evolving preferences among shoppers.

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Carvana's Q3 EV Trends Report (Graphic: Business Wire)

Key findings from the report¹ include:

• The EV share of make-model searches on Carvana.com has grown in every quarter of 2024. Additionally, EV share of vehicle page views grew by 226% year-over-year in Q3 2024, reflecting an ongoing shift in shopper interests.
• EV shoppers indicate a preference for luxury features like heated steering wheels and technology-forward features such as adaptive cruise control and Apple CarPlay.
• Typical ranges for search filters used by both EV and internal combustion engine (ICE) customers suggest that EV shoppers prefer lower mileage and newer model years but are open to a higher price range to accommodate this preference.

"At Carvana, we cater to a wide range of customers with varied preferences, including those who enjoy cross-shopping different fuel types," said Ernie Garcia, Carvana founder and CEO. "We are committed to providing what our customers are looking for by making strategic investments that enable them to understand and confidently purchase EVs as simply and seamlessly as they would any other vehicle from us.”

The full report provides additional analysis and information. For details on shopping for a used EV and to easily browse the hundreds of EVs on Carvana.com, please visit our guide to buying a used EV.

About Carvana

Carvana’s mission is to change the way people buy and sell cars. Over the past decade, Carvana has revolutionized automotive retail and delighted millions of customers with an offering that is fun, fast, and fair. With Carvana, customers can choose from tens of thousands of vehicles, get financing, trade-in, and complete a purchase entirely online with the convenience of home delivery or local pick up in over 300 U.S. markets. Carvana’s vertically integrated platform is powered by its passionate team, unique national infrastructure, and purpose-built technology. Carvana is a Fortune 500 company and is proud to be recognized by Forbes as one of America’s Best Employers.

For more information, please visit www.carvana.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241022435624/en/

MEDIA CONTACT:
Carvana Communications
press@carvana.com

Source: Carvana