Posted on 12/07/2022 11:10:44 AM PST by Presbyterian Reporter
Shares of Carvana plummeted by more than 40% in Wednesday morning trading after the embattled online used car retailer’s largest creditors signed a deal binding them to act together in negotiations with the company.
The pact, as first reported by Bloomberg, includes creditors such as Apollo Global Management and Pacific Investment Management that hold around $4 billion of Carvana’s unsecured debt, or about 70% of the total outstanding. The agreement will last at least three months.
(Excerpt) Read more at cnbc.com ...
Carvana - dead man walking.
That stock chart is the perfect representation if Keynesian economics in operation. Pump dollars into an economy, especially while deliberately throttling the production of goods.
Libs always whine about “supply side” economics. The difference is in supply side, you actually start with tangible goods to sell. “Demand side” cannot create goods.
A few months ago I sold my Acura via “Peddle.com” - easy transaction.
Peddle offered me more than Carvana and a MUCH easier process.
Well of course. They are selling the cars for less than cost.
How do they plan to make money? "Volume!"
A brothel in Nevada would make good use of them.
Caravan offered me 6K more for my “trade” than the dealership. They picked up my car from the office and handed me a check. I signed a few places and we were done. It was a very convenient way to do business.
I suggest use them as prisons for democrats involved in election fraud, or Russia hoax or Jan 6 hoax.
Ewww!! I used a Carvana token and all I got was a Nadler.
Buy high, sell low?
When my temporary tag was about to expire, I went back to the dealer (not Carvana - probably before their time) and got a new one. This was 2002 in Tennessee.
Their stock is crashing as hard as Jimmy Johnson
“Ewww!! I used a Carvana token and all I got was a Nadler. “
wasn’t The Nadler the last model that Nash manufactured?
“Caravan offered me 6K more for my “trade” than the dealership.”
that was another issue with carvana: i remember discussions here a year ago about carvana paying ridiculous prices for used cars ... apparently another reason they were selling cars for less than they cost them ...
the Garcias are reputed to be a shady bunch
the elder is a convicted felon from involvement in the Lincoln S&L scandal of the 90s.
Never understood why anyone would buy a used car sight unseen.
They were also involved in Ugly Duckling and Drive Time. Ponzis gotta Ponzi.
I bought two brand new cars over the last two years (Toyota Tacoma and then a Rav4 Hybrid). Sold them both to Carvana after a year for 5K more than I paid for them!
Thanks, did not know about those two companies.
That doesn’t seem fair either frankly
I believe other states did suspend them.
I get many cars through them
It’s mainly a junk a car service but some nice one slip though
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