On the surface, (NYSE: CVNA) looks like it had a spectacular turnaround year in 2023. Earnings rocketed from a $15.74 per share loss in 2022 to a profit of $4.12 per share. And it also seems like it got off to a big start in 2024, with a first-quarter profit of $0.24 per share. These are impressive results, but there's more to the story here than there appears to be.

Here are three things you need to keep a close eye on if you are considering an investment in this used car retailer.

If you examine Carvana's fourth quarter 2023 earnings release, you'll notice this little side note:

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Source Fool.com