Posted on 12/07/2022 9:03:40 PM PST by RomanSoldier19
Carvana stock on Wednesday logged its worst day on record on heavy volume and amid growing concerns about its ability to remain a going concern, according to a number of reports about the used-car retailer.
Shares of Carvana Co. closed down nearly 43%. That daily decline exceeded the 38.95% tumble that was registered on Nov. 4 to mark the ugliest day for the stock since the company listed on the New York Stock Exchange in 2017.
(Excerpt) Read more at msn.com ...
Just another Webvan….
Did anybody try kicking the bottom of the vending machines?
That is one facet of their business. They also deliver directly to your home. I suspect the latter is responsible for a larger fraction of their business.
Dang...I was thinking about using them to get a used vehicle.
Pretty sure that obnoxious lady on the commercials didn’t help...
Going to be some good deals on used cars by late spring I think
It’s a red car Rudy...
—>> $270.82 one year ago and today it is $3.83
Wow! It could be worse if we were in a recession....
Or if they hadn’t been vaxxes!
I’ve heard several stories about customers that buy a car but never get the title. Therefore, they can’t register or insure the vehicle and it sits in their driveway.
The company is dysfunctional.
A very early film from Steven Spielberg as a producer
The cut-in of Carter’s speech was hilarious topped by blowing up the Mercedes - “That’s to f’n high!”
Corporate Office sounds like a place where no work is encouraged. I guess that was the outcome they wanted, bankruptcy.
Yep, you nailed it.
Never understood the model. A gimmicky giant vending machine of cars is somehow a value add for the buyer? Otherwise buying online, having a car delivered is not a unique offer. I assume a small margin on the vehicle and financing, but with the overhed and lack of manufacturer incentives this sounds like it balances on a razor.
How can this be? They gave me $6K over MSRP for my three year old Civic!
Maybe some buyers will try kicking the side of the giant vending machine hoping two cars will drop down.
This is too bad. They gave me the best price for my car and came to my home to pick it up. Signed the paperwork in the garage in a few minutes and they handed me the check.
they needed inventory at any price until the ceo’s cash out
thats how it can be
Ernie Garcia II, the billionaire father of used car dealership Carvana’s CEO, has sold more than $3.6 billion of company stock since October — raising eyebrows over whether the ownership structure of the firm gives the family too much control.
Yeah - six months (and four price reductions) after i sold them the car one of their marketplace partners sold it for $800 less than they paid me.
And based on how little time they spent inspecting the car (near zero) i would be very reluctant to buy a car from them.
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