Carvana Shares Dip 0.56 as $710M Volume Slumps to 112th in Liquidity Amid Structural Challenges

On September 26, 2025, Carvana (CVNA) closed down 0.56% with a trading volume of $710 million, marking a 37.28% decline from the previous day's volume and ranking it 112th in liquidity among listed stocks. The e-commerce automaker's shares experienced muted trading activity amid broader market consolidation, with analysts noting limited catalysts to drive directional momentum in the near term.

Recent developments highlight structural challenges in Carvana's business model as it navigates evolving consumer preferences and macroeconomic headwinds. The company's reliance on digital-first retail channels remains exposed to shifting demand patterns, while rising inventory costs continue to pressure profit margins. Market participants are closely monitoring management's ability to execute cost optimization strategies without compromising customer acquisition rates.

To build a sound daily-rebalanced back-test we need to pin down a few trading assumptions that were not specified explicitly: 1. Universe • All U.S. listed common shares (NYSE + NASDAQ + AMEX)? • Or a narrower list (e.g. constituents of the S&P 500, Russell 3000, etc.)? 2. "Top 500 stocks by daily trading volume" • Rank by share volume or by dollar volume (volume × close price)? • Use today’s closing data to decide tomorrow’s portfolio (i.e., buy next-day open and sell next-day close), or buy at the same-day close and exit next-day close? 3. Weighting & rebalancing • Equal-weight each of the 500 names every day? • Any transaction-cost assumption you want us to embed? 4. Benchmark / performance window • Is 2022-01-03 the intended start date? • Should we include today (2025-09-26) or stop at yesterday’s close? Please let me know (or simply confirm that the default choices below are acceptable): Default choices we can use if you prefer • Universe: all U.S. common stocks listed on NYSE, NASDAQ, AMEX. • Ranking metric: daily dollar volume (shares × close). • Trade logic: form the list at today’s close, buy these names at next-day open, exit at that day’s close (1-day holding period). • Portfolio weighting: equal weight across the 500 names (rebalance daily). • Transaction costs: ignored (0 bp). • Back-test window: 2022-01-03 through 2025-09-26 (latest available close). Once you confirm—or adjust—these items, I’ll generate the data-pull plan and run the back-test for you.