By Kelly Cloonan
Shares of Carvana climbed after the company announced plans to bring reconditioning capabilities to its existing ADESA Phoenix auction site in what it calls a "megasite" integration.
The stock rose 15% to $192.30 Tuesday, bringing its gain over the last 12 months to 133%.
The online used-car seller said Tuesday the integration will expand its overall production capacity and establish a bigger inventory pool in a new metropolitan area, giving local buyers access to vehicles that can be delivered as soon as the same or the next day.
The auction site, located in Chandler, Ariz., also will maintain its digital and in-lane auction operations.
The company expects the integration to create about 200 new jobs over time.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 08, 2025 10:39 ET (14:39 GMT)
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