Recurve Capital's Aaron Chan on the scalability of Carvana's $CVNA business model

Aaron Chan, Founder and Managing Partner at Recurve Capital LLC, joins the podcast to discuss his thesis on Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars. For more information about Aaron Chan and Recurve Capital, please visit: https://recurvecap.com/ Carvana - Recurve’s Response to Hindenburg’s Short Attack (article): https://recurvecap.com/insights/carvana-recurves-response-to-hindenburgs-short-attack Chapters: [0:00] Introduction + Episode sponsor: Daloopa [1:20] What is Carvana and why are they so interesting to Aaron [5:00] What is Aaron seeing with $CVNA thesis that that the market is missing; differentiated view on CVNA [9:39] Why the volatility and addressing that fear; factors for the wild swings [16:49] Competitive analysis - why is no one copying the $CVNA model [22:44] How much of an advantage is the national level of $CVNA's exposure [26:47] Brand building / advertising [30:30] $CVNA economics [37:09] Why are so many short sellers attracted to $CVNA [52:18] What Aaron thinks would be the reason $CVNA thesis doesn't work 3-5 years from now; downside risks to thesis [57:05] Can $CVNA profitably serve rural places and discussion on valuation [1:03:50] Why isn't every used car dealer dead and final thoughts Today's sponsor: Daloopa Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can. Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition. Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.