Carvana Co. (NYSE:CVNA) shares are trading lower on Thursday.
The firm has expanded its same-day vehicle delivery service to customers in the greater Chicago area, offering buyers the option to receive their car within hours of placing an order.
The move is designed to enhance convenience and speed for local customers as the company builds out its logistics capabilities.
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The rollout allows eligible Chicago-area residents to purchase a car online through Carvana’s platform and have it delivered the same day.
Those selling their vehicle to Carvana can also schedule same-day drop-offs once the company’s digital appraisal and sales process is complete, the company said in a statement.
“Chicago has long been an important market for Carvana, and we’re proud to strengthen our local customer offering with the additional speed and convenience of same-day delivery,” said Jacqueline Hearns, Carvana’s senior director of market operations and expansion.
She added that the company is continuing to invest and innovate to improve the buying and selling experience for customers in Chicago and nationwide.
Carvana’s online marketplace allows customers to browse thousands of used vehicles, arrange financing, trade in a car, and finalize purchases entirely online.
Its same-day delivery is made possible by an integrated logistics and reconditioning network that enables eligible customers to receive or sell a vehicle in under 24 hours.
The company first introduced same-day delivery in Arizona and has since rolled it out to select markets in more than 15 states.
According to Benzinga Pro, CVNA stock has gained over 152% in the last year.
Investors can gain exposure to the stock via YieldMax Dorsey Wright Hybrid 5 Income ETF (NASDAQ:FIVY).
Price Action: CVNA shares are trading lower by 1.77% to $343.69 at last check Thursday.
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