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  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "pageNumber": 28,
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  "notes": "The slide uses error bars to represent one standard deviation, suggesting a statistical comparison of price and mileage dispersion.",
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      "kind": "callout",
      "text": "Across a selection of popular models, Carvana cars are 1.5% more expensive than CarMax cars on average, and have 0.6% less mileage than CarMax cars on average. Given the dispersion in both price and mileage across each model, there is no discernable cost advantage to shopping at either Carvana or CarMax.",
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      "text": "Across a selection of popular models, Carvana cars are 1.5% more expensive than CarMax cars on average, and have 0.6% less mileage than CarMax cars on average.",
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      "text": "Price Comparison: Carvana vs. CarMax",
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      "text": "Mileage Comparison: Carvana vs. CarMax",
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      "text": "Average Pricing Difference: 1.5%",
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      "text": "Carvana claims to cut overhead out of the standard used car dealership cost structure by saving money on salesmen, land, etc. Does this translate into lower prices to the customer? Our analysis demonstrates that vehicle prices at Carvana are not materially lower than CarMax’s used car prices.",
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      "kind": "title",
      "text": "No Price Advantage To Carvana",
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