CVNA - Mergers and acquisitions

Preserving long-term shareholder value by adopting a Section 382 rights plan intended to protect potentially valuable tax assets Carvana Co. ("Carvana") (NYSE:CVNA) announced today that its Board of Directors adopted a shareholder rights plan designed to protect long-term shareholder value by preserving the availability of Carvana's net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code ("Tax Asset Preservation Plan"). Carvana has significant U.S. federal NOLs that could be available to offset its future federal taxable income. Carvana's ability to use these NOLs would be substantially limited if its "5-percent shareholders" (determined under

Carvana will operate ADESA U.S. auction business under the leadership of ADESA President John Hammer Carvana (NYSE:CVNA), the leading e-commerce brand for buying and selling used cars, announces the $2.2B acquisition of ADESA's U.S. physical auction business ("ADESA U.S.") from KAR Global (NYSE:KAR), consisting of 56 ADESA U.S. locations totaling approximately 6.5 million square feet of buildings on more than 4,000 acres. "This alignment with ADESA U.S. will further strengthen our foundation for growth and provide us with significant flexibility to execute our plan through a wide range of macroeconomic scenarios," says Ernie Garcia, Carvana founder and CEO. "Despite the recent industry sl