Compare these stocks by how they earn gross profit and convert it to cash—not by revenue or vehicle volume alone. Used-car specialists such as Carvana and CarMax overlap with diversified dealer groups such as AutoNation and Lithia Motors: all sell used vehicles, while business mix, financing, wholesale activity, service operations, costs and leverage differ. The examples below use fiscal 2025 company reporting; they are an operating comparison, not a current valuation ranking.
Start with the business each company actually runs
Labels can obscure more than they explain. A used-car-focused retailer may also earn from wholesale sales, loan receivables and finance or ancillary products. A franchise dealer group may sell substantial numbers of used cars alongside new vehicles, and may operate service departments, collision centers, auctions or finance businesses. Compare reported segments and revenue streams rather than assuming “used-car retailer” and “traditional dealer” are opposites.
- Carvana: Its 2025 Form 10-K describes retail unit sales as important because sales also support financing, complementary products and trade-ins. It reported $14.5 billion in retail vehicle sales, $4.1 billion in wholesale sales and revenues, and $1.7 billion in other sales and revenues, primarily gains on sales of originated finance receivables and commissions on complementary products. Carvana’s 2025 Form 10-K.
- CarMax: The company describes retail, wholesale and auto financing businesses, with online and in-store transactions across more than 255 locations in its investor-relations overview accessed in 2026. For current unit, loan-portfolio, margin and earnings comparisons, use its latest filing rather than the overview alone. CarMax company overview.
- AutoNation: Its 2025 Form 10-K describes new and used vehicle sales, customer financing, parts and maintenance, plus collision centers, AutoNation USA used-vehicle stores, auctions, parts distribution, mobile repair and an auto finance company. AutoNation’s 2025 Form 10-K.
- Lithia Motors: The company operates in the United States, United Kingdom and Canada across new and used vehicles, finance and insurance (F&I), and repair and maintenance aftersales. It reports Vehicle Operations and Financing Operations segments. Lithia Motors’ 2025 Form 10-K.
Compare demand and unit growth with consistent definitions
Retail units can show whether a company is moving more vehicles, but check how the company defines a unit and what drove the change. Acquisitions, marketplace partner vehicles, comparable-store sales and returns can affect comparability. Carvana defines retail units sold as vehicles sold to customers in a period, including retail marketplace partner vehicles, net of returns under its seven-day return policy.
Carvana reported 596,641 retail units sold in fiscal 2025, compared with 416,348 in 2024. That is useful evidence of its own reported scale and growth, not proof that its earnings grew at the same rate or that the figure is directly comparable with every peer’s unit count. Check peer filings for the measurement period, treatment of partner sales and returns, and same-store or acquisition effects.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
#1 Best Overall
- 4 Types in 1 Set: The package includes 2 packs vehicle inspection mirrors and 2 pieces LED inspection mirror, you can choose different style for different occasions, enough to meet your inspection needs
- Easy to Use: With the retractable rod and the neck mirror, the length of the handheld rod can be adjusted and the neck mirror on a stick can be rotated 360 degrees according to your needs, facilitating the inspection of hard-to-reach areas
- LED Lighted: the 2pcs LED inspection mirror has 2 extra bright LED lamp on the top of each mirror, which provides convenience for night observation, and helps you to inspect the dark and hard-to-see areas
- Comfortable to Hold: Designed with the stainless steel rod and the grooved rubber handle, the telescoping mirror is not easy to break, non-slip, comfortable to hold and easy to operate, so you can easily perform checking and adjust makeup
- Wide Application: The telescoping mirror is suitable for toolmakers, machinists, engineers, mechanics, inspectors and dentists. And the inspection mirror can be stored in garage, toolbox, vehicle, car, dressing table or bag
Separate vehicle gross profit from total gross profit per unit
Gross profit per unit (GPU) is only comparable when the underlying revenue streams match. Carvana reported $3,315 of retail vehicle gross profit per unit and $7,026 of total gross profit per unit in 2025. The total measure includes profit from streams beyond retail vehicle sales, including wholesale and other revenue. Comparing a peer’s vehicle-only GPU with Carvana’s total GPU would therefore exaggerate the difference in vehicle economics.
| Carvana measure | Fiscal 2025 | Fiscal 2024 | What it represents |
|---|---|---|---|
| Retail vehicle gross profit per unit | $3,315 | $3,312 | Vehicle retail gross profit per unit, as separately reported by Carvana |
| Total gross profit per unit | $7,026 | $6,908 | Total gross profit per retail unit; includes multiple revenue streams |
Both measures are company-reported for the fiscal years ended December 31. When comparing companies, record each issuer’s definition and whether it includes wholesale, financing, commissions or other products. Carvana reports these figures in its 2025 Form 10-K.
Rank #2
- Accurate Paint Thickness Measurement: Quickly and precisely check your car’s paint thickness to detect any previous repairs or repainting, helping you make informed decisions when buying used vehicles.
- Magnetic Tip, No Batteries Needed: Designed with a magnetic tip, this paint thickness tester works reliably without batteries, perfect for outdoor use in any weather—even on dirty or wet surfaces.
- Micrometer-Level Precision: Equipped with a color-coded scale, this gauge lets you easily read the thickness of paint and filler layers for thorough vehicle inspections.
- Portable and Durable Design: Lightweight and pen-shaped, this gauge is easy to carry and made from high-quality materials, making it perfect for on-the-go inspections stored conveniently in your glove box or tool kit.
- Versatile Application: Whether you’re a professional appraiser, a used car buyer, or inspecting your own vehicle, this paint thickness tester is a must-have tool to detect hidden bodywork and ensure vehicle integrity.
Look at profit mix, not just revenue mix
Revenue dollars are not a proxy for earnings contribution. In 2025, AutoNation said new-vehicle sales represented 49% of total revenue but 13% of total gross profit. The gap shows why investors should compare gross profit by segment and then consider operating expenses, rather than treating the largest sales category as the largest profit engine. These are company-reported shares for fiscal 2025. AutoNation’s 2025 Form 10-K.
Lithia reported $37.635 billion in total revenue for 2025, consisting of $18.703 billion from new vehicles, $13.372 billion from used vehicles, $1.474 billion from F&I and $4.087 billion from aftersales. These revenue categories describe mix, not the relative profitability of each segment. Read segment gross profit or operating income and the costs assigned to those activities before drawing conclusions. Lithia Motors’ 2025 Form 10-K.
Rank #3
- Powerful Magnet: Maximum suction weight up to 5 lbs; easily finds and grabs lost items in hard-to-reach areas. Ideal for automotive, construction, HVAC, and home projects—making it one of the most practical gifts for men (Note: Suction strength depends on the contact area and material of the item)
- Telescoping Handle: Made from durable aluminum alloy with a shockproof design. The telescoping inspection mirror and magnet handle extend up to 34.65 inches to reach tight spots. Features an anti-slip, oil-resistant ergonomic grip for effortless control
- Super Bright Flashlight: Features 3 bright LED bulbs, a magnetic head/base, and a bendable led flashlight stick with a 360° swivel neck. Holds up to 2.5 lbs and includes a 2-inch stainless steel pocket clip to illuminate and retrieve tools in dark, narrow places
- 360° Rotation Inspection Mirrors: Premium glass mirrors for flawless reflection. The all-angled ball joint provides 360° free viewing without swinging. Includes both a round telescoping mirror and a square telescoping mirror with light to serve as an indispensable mechanic mirror for dark engine bays and tight spaces
- Compact Portable Tool Bag: Small size with large capacity, made of wear-resistant Oxford cloth. Features an extended hand strap, an extra pocket with hook-and-loop fasteners, and internal elastic bands to keep your inspection mirror telescoping set neatly organized
Trace financing, wholesale and after-sales earnings
Financing and F&I
Identify whether the company earns through loan originations and sales, retains finance receivables, or sells finance and insurance products at the point of sale. Loan-sale gains and income from loans held on balance sheet have different timing and risk. Review cash flows, loan performance, funding costs and credit exposure alongside reported profit; do not assume a large financing contribution is equally durable across credit or funding conditions.
Wholesale and inventory
Trade-ins and vehicles acquired directly can be resold at retail or routed to wholesale channels. Compare inventory levels, days supply, aging and markdowns, as well as how inventory is acquired. Changes in vehicle prices can affect acquisition costs and resale values at different times, so current margins may reflect earlier market conditions.
Rank #4
- This large security inspection mirror is ideal for searching under cars, trucks, heavy equipment and home safe check over-shelves and even rooftop sinks.
- Lighted Under Vehicle Inspection Mirror- features lite 65-inch-long extendable pole, big PMMA crystal clear mirror, 180-degree adjustable swivel and LED light.
- Under Carriage Mirror - The heavy-duty security check mirrors allow the security officer to easily check under the vehicle without having to bend down or lose focus on their inspection task.
- Under Car Search Mirror - The security inspection mirror with light is widely used by airports, warehouses, sea ports, border checkpoints, military bases and police stations to control inbound cars or trucks.
- Durable and Portable Inspection Mirror is built with a tough rigid swivel and a hanging hole on pole for easy to carry around. The mirror come in protective film, please peel off the film on mirror to get clear view!
Aftersales and fixed operations
Parts, maintenance, repair and collision work are earnings streams distinct from vehicle sales. A dealer group with substantial service activity may have a different mix of recurring customer work than a more vehicle-centered retailer. Compare reported segment definitions and contribution rather than assuming service is measured or grouped the same way across issuers.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Test how efficiently each model turns gross profit into operating income and cash
After comparing segment gross profit, examine selling, general and administrative (SG&A) costs, reconditioning, logistics, technology and fulfillment expenses. Centralized delivery networks and physical dealer footprints have different cost structures and operating leverage; a growth rate in units does not reveal whether incremental profit covers these costs.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Best Value
- 【180° Rotation & 8 Adjustable LED Beads】The borescope camera with light features a 180° image rotating, a front camera focal range of 0.78 to 3.94 inches, and 8 adjustable LED lights for clear observation in low-light conditions.
- 【16.5 FT Cable & High Quality Endoscope】The 16.5ft semi-rigid cable is detachable and bendable, allowing easy navigation in narrow spaces and making it versatile for different applications. IP67 waterproof and dustproof, the handheld borescope is suitable for use in harsh and wet condition. The ergonomic grip design and lightweight of the endoscope allow for one-handed operation.
- 【4.3 Inch Color Screen & 1080P High-Res Picture】The HD endoscope inspection camera features a 4.3-inch color LCD screen for real-time high-definition image viewing, and is available immediately after powering on. Its user-friendly operation eliminates the need for smart phone or driver software downloads, ensuring you can work without concerns about dirtying your expensive phone. Note: The endoscope camera is not equipped for capturing pictures and videos.
- 【Wide Application】The inspection camera with light is used to inspect hard-to-access areas, and is suitable for many fields such as automobile maintenance, mechanical inspection, pipeline repair, household appliance inspection, house repair, wall structure inspection, sewer/drain pipe inspection, etc.
- 【In The Box】WINWEND digital inspection camera package includes a 4.3-inch LCD industrial endoscope, a user manual for easy setup, a USB charging cable (charging plug not included), and a set of accessories comprising a hook, magnet, and side mirror to enhance your inspection experience.
Review operating income and cash flow as well as adjusted or non-GAAP measures, identifying adjustments and using the same basis across peers. Include interest expense, debt, leases, liquidity, debt maturities and share dilution when assessing what remains for shareholders. Inventory investment and finance receivables can also make cash generation differ from reported earnings.
Lithia said same-store new- and used-vehicle retail gross profit fell as gross profit per unit normalized toward pre-pandemic levels. It also cited higher SG&A as a share of gross profit and a higher effective tax rate as contributors to lower net income, partially offset by lower interest expense. This is management’s explanation in its 2025 filing, not an independent test of causation. Lithia Motors’ 2025 Form 10-K.
Compare valuation only with a common date and method
Operating comparisons do not establish which stock is cheaper. For a valuation comparison, use market prices and share counts from one date, and calculate enterprise value consistently, including debt and leases under a stated approach. Enterprise value to EBITDA can help compare capital structures, but EBITDA definitions and adjustments still need to match. Price-to-earnings is meaningful only when earnings are positive and sufficiently comparable. Free-cash-flow yield requires a consistent period and treatment of leases and one-time items.
Refresh the latest quarterly and annual results, market prices, diluted shares, debt, cash and lease figures before making a time-sensitive comparison. Fiscal 2025 reporting provides an operating-model baseline, not synchronized October 2026 stock valuations, a valuation winner or a forecast of returns.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsQuick Recap
A practical comparison checklist
- Align the period: Use the latest available filings and the same fiscal period where possible; flag different fiscal year-ends or partial periods.
- Map the business: Separate retail vehicles, wholesale, financing and F&I, and aftersales using each company’s actual segment disclosures.
- Check volume definitions: Record unit counts, comparable-store trends, acquisitions, marketplace partner sales and returns.
- Normalize unit economics: Compare vehicle-only GPU with vehicle-only GPU, and total GPU only when the included streams align.
- Follow profits and costs: Examine segment gross profit, SG&A, reconditioning, logistics, interest expense, operating income and cash flow.
- Assess balance-sheet exposure: Review inventory, finance receivables, credit performance, debt, leases, liquidity and maturities.
- Date the valuation: Use one market-data date and consistent share counts, enterprise-value treatment and earnings or cash-flow definitions.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
