Loans, VSCs, and GAP waivers make up less than 5% of Carvana's revenue but 50% of gross profit.

Vehicle gross margins: 5%
"Other" gross margins: 100%

The SECRET of auto retailers 🤫

…the profit isn't in the cars. pic.twitter.com/Al6DdFd72c

— Ryan Reeves (@investing_city) February 24, 2020

This is why Uber and Lyft will likely get further into this space, eventually 👇 (likely not included in any DCF’s models yet) https://t.co/1rxjSstGaU

— Turner Novak (@TurnerNovak) February 24, 2020