Carvana Insiders are Heading for the Exit – Insider Weekends
Carvana Co. (CVNA): $117
Market Cap: $23.92B
Key Insights:
- We noted in a Tweet last week that multiple insiders of the online car retailer, Carvana, had started to sell shares of the company in bulk – and have been doing so since around March 2024
- Among the insiders selling shares are the co-founders of the company, numerous Directors, executives, and more – but the name that stands out most is Ernest Garcia II, founder of one of the largest used-car retailers in the country, DriveTime
- Ernest Garcia II is a 10% owner of Carvana, was responsible for much of the initial funding of Carvana, and is also the father of one of Carvana’s co-founders and current CEO, Ernest Garcia III
Before we jump into our article about the number of insider sales at Carvana (CVNA), we wanted to provide a quick update on the uniform rentals and workplace supplies company Vestis Corp (VSTS), which we wrote about for our May 2024 newsletter. We had our eye on the company but purposefully decided to hold off from investing in it, writing the following about the company in the newsletter:
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