Benzinga | Oct 21, 2021 03:10PM EDT

Why Carvana Shares Are Rising

Carvana Co (NYSE:CVNA) shares are trading higher by 4.4% at $301.90, possibly in sympathy with AutoNation (NYSE:AN), which reported better-than-expected third-quarter results.

AutoNation reported quarterly earnings of $5.12 per share which beat the analyst consensus estimate of $4.20 by 22%. This represents a 115% increase over earnings of $2.38 per share from the same period last year.

AutoNation reported quarterly sales of $6.40 billion which beat the analyst consensus estimate of $6.31 billion by 1% percent. This is an 18 percent increase over sales of $5.41 billion in the same period last year.

Carvana is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage.

Carvana has a 52-week high of $376.83 and a 52-week low of $179.24.