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  "documentTitle": "Carvana Co. (CVNA)",
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      "text": "Carvana generates only about half the industry average sales per employee, yet its aggregate compensation expense as a percentage of sales is over 33% higher than peers, and almost twice that of CarMax. Carvana would have to double its workforce efficiency just to match CarMax – yet management is communicating that long-term SG&A, of which compensation is the most significant expense, will be ~30-60% lower than that of CarMax on a per-vehicle basis.",
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      "text": "Management suggests – and bulls assume – that Carvana does not require as large a workforce as a traditional auto dealer... We do not believe that bulls fully appreciate Carvana's labor needs, and give it too much credit for workforce cost leverage going forward.",
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      "text": "Sales Require Customer Service, Whether On The Ground Or Remote",
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