Carvana

Carvana demonstrates autophagy at corporate scale—the company nearly collapsed in 2022 under $7 billion debt, then consumed its own inefficiencies to emerge as America's most profitable automotive retailer by adjusted EBITDA margin in 2024. The biological parallel runs deep: like a hibernating bear metabolizing fat stores, Carvana shed 4,000 employees and closed inspection centers, then reactivated growth when conditions improved. The company achieved $13.67 billion in 2024 revenue with $1.38 billion adjusted EBITDA (10.1% margin), but the 2025 numbers tell the resurrection story: $18.27 billion trailing revenue (up 46%), Q3 2025 net income of $263 million (up 78% year-over-year), and record 155,941 retail units sold in Q3 (up 44%). This represents punctuated equilibrium—long period of gradual online adoption followed by explosive dominance as traditional dealers failed to evolve. Carvana's car vending machines serve as costly signals, architectural megastructures that communicate permanence and technological sophistication while providing minimal functional advantage over ground-level lots. Like bowerbirds building elaborate displays, the vending towers attract customers through spectacle. The company's vertical integration of financing, logistics, and reconditioning mirrors termite colony architecture: specialized chambers for distinct functions, waste recycling (trade-ins become inventory), and climate control (seven-day return policy managing customer risk aversion). The 2025 tariff environment actually strengthened Carvana's position—used vehicle demand surged as new car prices climbed, demonstrating competitive release when ecological pressures eliminate rivals. The company projects $2+ billion adjusted EBITDA for full 2025, validating that surviving extinction events often yields dominant niche occupation.