Investor Presentaiton

01 CARVANA carlotz SHIFT vroom $2,602 $1,866 $1,554 carlotz Gross Profit Per Unit¹ SUPERIOR UNIT ECONOMICS AND CAPITAL EFFICIENCY $1,275 $1,468 $315 CARVANA SHIFT vroom Customer Acquisition Cost Per Unit² $1,544 carlotz CARVANA $1,552 $2,014 $10 $1,327 Contribution Margin Per Unit³ Investment in At-Risk Inventory ($ million) 22 Source: Company filings Note: All numbers in U.S. millions except for per unit figures. Negative contribution margin shown as NM. 1 All gross profit per unit and CAC metrics exclude wholesale unit sales. Carvana represents used vehicle and other GPU as of YTD July 31, 2020, CarLotz represents retail and F&I GPU as of YTD August 31, 2020, Vroom represents vehicle and product GPU as of YTD June 30, 2020, and Shift represents adjusted GPU (excl. wholesale) for full year 2020E. 2 Represents advertising expense per retail unit as of YTD August 31, 2020 for CarLotz, advertising expense per retail unit as of YTD June 30, 2020 for Carvana, marketing expense per e-commerce unit as of YTD June 30, 2020 for Vroom, and marketing expense per e-commerce unit for full year 2020E for Shift. 3 Contribution margin per unit calculated as gross profit per unit less customer acquisition cost per unit. carlotz SHIFT <2 $18 NM million Ѐ шоолл carlotz SHIFT шоолл $206 CARVANA $763

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