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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "pageNumber": 39,
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  "notes": "The slide uses a stacked bar chart to compare SG&A components across auto dealers, highlighting that occupancy costs (green) are minor for all players.",
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      "kind": "callout",
      "text": "Occupancy costs a relatively small contributor to SG&A across most auto dealers – even traditional dealers with a brick-and-mortar focus",
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      "text": "Selected Components of SG&A as a % of Sales",
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      "text": "Part of Carvana's supposed leverage lies in its limited reliance on brick-and-mortar locations. Yet we note that occupancy costs generally represent a very small share of SG&A for most auto dealers. We also encourage investors not to ignore the fact that Carvana must still invest in vending machines, fulfillment centers, and – increasingly – in inspection and reconditioning centers as the Company outgrows its shared space with DriveTime. This will ultimately be a source of relative cost savings should Carvana reach maturity, but IT costs, centralized personnel costs, and logistics costs could easily offset any possible savings.",
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      "text": "Source: Company filings",
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      "kind": "title",
      "text": "Limited Room For Cost Savings Through Focus On E-Commerce Over Brick-And-Mortar Model",
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      "arcName": "Overcoming the Monster",
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