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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Uses screenshots of forum comments as primary evidence to support the thesis of aggressive business practices.",
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      "kind": "callout",
      "text": "So is the growth in VSC income per vehicle to increasingly favorable pricing agreements between Carvana and DriveTime, or aggressive warranty sales practices? We find both explanations worrisome.",
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      "text": "The observed growth in VSC income per car, if not attributable to changing VSC sale price arrangements between Carvana and DriveTime, could perhaps be attributable to rising attach rates: more customers may be signing up for CarvanaCare. In fact, former employees with whom we spoke noted that, at some point over the last two years, Carvana changed its online sales process to make the extended warranty a default option at checkout – and that, as a consequence, the Company received frequent complaints from customers who had unintentionally and unknowingly purchased an extended warranty or GAP coverage. Others have suggested that customers would be charged a higher price on their vehicle if they opted out of the warranty. If this is in fact the source of Carvana’s rising VSC income per car, we believe that it may be a reflection of aggressive business practices which run afoul of FTC guidelines.",
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      "text": "Growth In VSC Income Per Vehicle At Best A Reflection Of Questionably Aggressive Practices",
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