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  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Uses a contrast-pair framework to juxtapose the 'convicted felon' history of DriveTime with the 'sexy tech' branding of Carvana.",
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      "text": "While Carvana presents itself as a tech-forward ecommerce business, it's important to bear in mind that it is ultimately a used car dealer.",
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      "text": "DriveTime: An IPO That Wasn't Sexy Enough To Sell With Convicted Felons Garcia II and Ray Fidel (Withdrawn Feb 2010)",
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      "text": "Carvana: A Sexy New “Tech” Used Car Dealer With Stanford and Harvard Grads Wall Street Buys Hook Line and Sinker (IPO April 2017)",
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      "text": "While Carvana presents itself as a tech-forward ecommerce business, it’s important to bear in mind that it is ultimately a used car dealer. Like any other used car dealer, it buys vehicles from auction and trade-ins, reconditions them, and maintains significant inventory. Though Carvana’s distribution model is somewhat different, the economics of the business are, at their core, the same as any other used car dealer.",
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      "text": "The history of Carvana can be traced to Ugly Duckling, a rental car company based in Tuscon. When the company went bankrupt in 1989, Ernest Garcia II – previously convicted of bank fraud – bought up the assets and transformed the business into a used car dealer focused on subprime customers, becoming one of the first to engage in loan securitization. The company later rebranded as DriveTime in 2002 upon going private. Garcia first founded Carvana in 2012 as a captive ecommerce platform for DriveTime’s used car sales, but later spun out the Company, installing his son as CEO.",
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      "text": "Carvana: A Brief History",
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