US Used Car Platform Loses 3 Trillion Won in Market Value Overnight

Shares of Carvana Co. (CVNA) closed down 5.45% at $344.18 on the New York Stock Exchange. Trading volume was roughly 3.39 million shares, and market capitalization fell to about $48.7 billion (approximately KRW 63 trillion), erasing nearly $2.5 billion (around KRW 3.3 trillion) in value in a single day.

In the third quarter of 2025, Carvana delivered another record performance, reporting revenue of $5.6 billion and net income of $263 million, while reaffirming full-year adjusted EBITDA guidance of $2.0 billion to $2.2 billion. Amid its stock’s dramatic rise, the company’s market valuation surged to roughly $87 billion (about KRW 110 trillion) by the end of 2025, surpassing Ford and GM on a market-cap basis.

Headquartered in Tempe, Arizona, Carvana operates an online used-car e-commerce platform that replaces traditional dealerships with a vertically integrated model featuring fully contactless purchasing, “car-vending-machine” pickup centers, and in-house logistics and service infrastructure. After weathering financial distress and even bankruptcy concerns post-pandemic, the company succeeded in cutting costs and improving profitability, making it a standout turnaround story with its stock up more than 8,000% from its 2022 lows.