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Opendoor Market Leadership and Valuation

Significant margin upside from additional services and cost optimization Note: 4.0% $11K/home 0.6% $1.5K/home 1Q20 Contribution Margin Cost optimization 2.4% 7.0% $6.6K/home Additional services $19K/home Long-term target Contribution Margin Phoenix (at scale) Contribution Margin presented is non-GAAP, see reconciliation in Appendix Carvana and AutoNation business mix based on public filings; AutoNation mix excludes parts and warranty services Cost optimization includes selling cost and holding cost improvements Ancillary Gross Margin Vehicle Gross Margin CARVANA Ancillary Gross Margin Vehicle Gross Margin AutoNation Expect ~50/50 long-term unit margin composition, similar to other "trade-in" business models 34

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