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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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  "pageNumber": 63,
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      "text": "Carvana sells its receivables to third parties after originating auto loans associated with its vehicle sales.",
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      "text": "Carvana sells its receivables to third parties after originating auto loans associated with its vehicle sales. The availability of financing is vital to Carvana – not just because loan sales support a significant share of its gross profits, but because these sales help to finance its purchases of used cars at auction - and, thus, its inventory build - as it continues to grow.",
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      "text": "Carvana's sales of receivables to third parties are then recorded as a \"gain on loan sales.\" We believe Ally Financial purchases ~65% of Carvana's loans, with other parties purchasing the remainder (see subsequent slides).",
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      "text": "Customer Distribution, per Carvana: Finance Through Carvana: 70%, Pay in Cash: 15%, Finance Through Third Party: 15%",
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      "text": "Carvana's Business Model: Not Just Selling Cars, But Originating Loans",
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