Carvana (CVNA) said Tuesday it's planning an auction and reconditioning "megasite" integration in the Phoenix area.
Financial details about the project weren't provided.
The project will integrate Carvana's Inspection and Reconditioning Center with the existing ADESA Phoenix wholesale auction site, the company said.
The ADESA Phoenix facility in Chandler, Arizona, has nearly 100 acres and over 5,000 parking spaces and will provide "ample infrastructure to support both Carvana IRC operations and ongoing ADESA wholesale auction services," Carvana said.
The company's shares were rising past 14% in recent trading.
Price: 191.80, Change: +23.93, Percent Change: +14.26
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