Carvana's Strong Growth Trajectory and Strategic Positioning Earns 'Buy' Rating from Analyst Sharon ZackfiaWe expect another record quarter at Carvana, with across-the-board upside to third-quarter consensus expectations. With our web data analysis suggesting an uptick in trends in September, we are increasing our projection for used units sold to 154,500, representing growth of 42% (a slight uptick from 41% growth in the second quarter) and nearly 3,700 ahead of consensus of roughly 150,800. With Carvana poised to post its fourth straight quarter of 40%-plus growth in retail units sold, evidence continues to mount that Carvana is in the early stages of a strong feedback loop as it scales, with higher levels of sales enabling a broader inventory selection, which in turn stimulates conversion and sales in an industry in which every product is eminently unique (age, mileage, options, color, etc.).