Carvana Stock Jumps Nearly 8% On Plans For Megasite Integration In Phoenix

(RTTNews) - Carvana Co. (CVNA) shares surged 8.41 percent to $181.98, up $14.11 during Tuesday's trading, after the company announced a major expansion in Phoenix.

The stock opened at $184.91 and has traded between $179.34 and $197.42 so far today on the New York Stock Exchange. It previously closed at $167.87. Trading volume has reached nearly 7 million shares, well above the daily average of 4.43 million. Carvana is currently trading closer to the upper end of its 52-week range of $67.61 to $292.84.

The online used car retailer plans to integrate its Inspection and Reconditioning Center with its existing ADESA Phoenix auction site, enhancing production capacity and services for both retail and wholesale customers.