Carvana Tumbles Despite Making Inroads into Chicago Market

Carvana (NYSE: CVNA) opened Thursday trading was below Wednesday’s close. The company, an industry pioneer for buying and selling used cars online, today announced the expansion of same-day vehicle delivery for customers in the greater Chicago area. Select Chicago-area residents can now receive their vehicle as soon as the same day they place an order on Carvana.com.

With this launch, according to this morning’s news release, Chicago-area customers interested in selling their vehicles to Carvana can also take advantage of same-day drop-off options after completing Carvana’s online vehicle appraisal and sales process.

“Chicago has long been an important market for Carvana, and we’re proud to strengthen our local customer offering with the additional speed and convenience of same-day delivery,” said Jacqueline Hearns, Carvana’s senior director of market operations and expansion. “We’re continuing to invest and innovate to deliver a better car buying and selling experience for our customers here in Chicago and across the country.”

Carvana’s intuitive e-commerce platform allows customers to shop from tens of thousands of high-quality pre-owned vehicles, secure financing, trade in a vehicle, and complete their purchase entirely online.

Enabled by Carvana’s integrated logistics network and reconditioning operations, concludes the release, eligible customers in the Chicago area can now receive or sell their vehicle in less than 24 hours.

CVNA shares folded $4.35, or 1.2%, to begin Thursday at $345.46.