Shares of Carvana Co. (CVNA) are surging 5.04% in Tuesday's intraday trading session, as investors react positively to news of the company's extended partnership with Ppa Tour.

Earlier in the day, Carvana announced that it has built upon its successful title sponsorship with Ppa Tour by signing a new multi-year partnership agreement. This development signals a strong commitment from both parties and suggests that the initial sponsorship has been mutually beneficial.

Carvana, known for its online used car marketplace and unique car vending machines, has been exploring various marketing strategies to increase brand awareness and attract customers. The continued partnership with Ppa Tour, likely in the sports or entertainment sector, could provide Carvana with increased visibility and potentially drive more traffic to its platform. Investors appear to be betting that this extended collaboration will contribute to Carvana's growth and market position in the competitive online automotive retail space.