Carvana Stock Plummets 2.63% Amid 42.86% Volume Surge to $1.08 Billion Ranking 95th in Market Activity

On September 10, 2025, Carvana (CVNA) closed at a 2.63% decline despite a notable 42.86% surge in trading volume to $1.08 billion, ranking it 95th in overall market activity. The stock's performance reflected mixed investor sentiment amid evolving market dynamics.

Recent developments highlighted Carvana's strategic focus on optimizing its digital retail platform. The company announced expanded partnerships with third-party lenders to streamline financing options for customers, aiming to enhance user retention. Analysts noted this move could bolster long-term customer loyalty but cautioned that immediate revenue impacts remain uncertain.

Operational adjustments also dominated the narrative. Carvana disclosed plans to reduce its physical inventory footprint by 15% across key markets, prioritizing cost efficiency. While this aligns with broader industry trends toward leaner operations, the short-term stock reaction suggests investors are weighing potential near-term margin pressures against long-term cost savings.

Regulatory updates added nuance to the stock's outlook. A revised SEC filing clarified that Carvana's vehicle return policy would no longer include mileage-based fees, addressing consumer complaints. This transparency could improve brand perception but does not directly address core financial metrics driving equity valuations.

To proceed with the back-test I need to pin down two practical details that weren’t specified: 1. Market universe - Do you want to rank all U.S.–listed equities (NYSE + NASDAQ + AMEX) each day, or would you prefer a defined universe such as the Russell 3000 or S&P 1500 to keep the data size manageable? 2. Execution price assumption - Typical intraday-volume strategies buy at the day’s close and liquidate at the next day’s close (a 1-day holding period). Is that acceptable, or would you rather assume next-day open prices for exit? Please let me know (or simply confirm the defaults: “all U.S. stocks, buy at close / sell at next-day close”) and I’ll run the back-test.