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  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 34,
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  "slideType": "comparison_table",
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  "notes": "The slide uses a red dashed box to visually isolate the Carvana projections, contrasting them against the CarMax baseline.",
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      "kind": "callout",
      "text": "Is Carvana’s business model really so radically different that it can take out more than half of all SG&A (ex-advertising) from the standard used auto dealer cost structure?",
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      "kind": "chart",
      "text": "Cost Structure: KMX vs. CVNA Medium-Term Targets (Per Management)",
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      "kind": "legend",
      "text": "EBIT Per Used Retail Vehicle; SG&A per Used Retail Vehicle, Ex-Advertising; D&A per Used Retial Vehicle (Run-Rate); Advertising Expense Per Used Retail Vehicle (Run-Rate)",
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      "text": "SG&A per vehicle",
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      "kind": "paragraph",
      "text": "Carvana management believes that it will blow the competition out of the water on operational efficiency, and that SG&A per vehicle will be just a fraction that of peers.",
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      "kind": "title",
      "text": "CarMax's Cost Structure vs. Carvana's Proposed Cost Structure, Visualized",
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