Carvana (NYSE: CVNA) shares moved sharply higher in the first hour of trading Wednesday. The industry pioneer for buying and selling cars online today announced plans to bring Inspection and Reconditioning Center capabilities to its existing ADESA Chicago wholesale auction site. The integration creates additional reconditioning capacity and a new inventory pool in Carvana’s national network that supports greater selection for retail customers nationwide, faster delivery speeds for Chicago car buyers, and a more robust offering for local wholesale customers.
"Bringing IRC capabilities to ADESA Chicago strengthens the speed and efficiency of our national network while deepening our presence in the Midwest," said Brian Boyd, Senior Vice President of Inventory at Carvana.
"We’re proud to continue growing our local team while improving selection and delivery times for Chicago retail customers and expanding the capabilities we offer our wholesale partners across the region."
According to this morning’s news release, Carvana has already begun hiring local team members and expects the integration to create about 100 new good-paying, skilled, and entry-level jobs in inspection, reconditioning, and vehicle fulfillment over time. These roles require no college degree and come with comprehensive benefits.
The announcement builds on Carvana's growing presence in the Chicago market, which also includes Car Vending Machines in Schaumburg and Oak Brook, as well as a multi-year front-of-kit sponsorship with Chicago Fire FC.
CVNA began Wednesday trading ahead $18.34, or 4.8%, to $397.43.
