Carvana
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Can anyone summarize what their model is?
You buy a used car online, sight-unseen. They deliver it to your home.
You can also sell your car to them.
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Laying off 1500 (8%):
https://www.thetruthaboutcars.com/cars/news-blog/carvana-takes-another-hit-44497639
The cuts, along with the closing of some locations and the elimination of some work shifts, are all meant to save costs. A source told Bloomberg that it's because of the "challenging economic environment".
The cuts will affect operations, technology, and corporate roles. Those who are let go will get separation/severance pay through at least the new year, plus three months of healthcare coverage and unvested equity awards via cash payments.
Based in Tempe, Arizona, Carvana is struggling with a cratering stock price and cash outflow. That's because after seeing a surge of success in 2021 as the lack of new-car supply drove used-car prices up, the market has shifted. Used-car prices are falling while inflation is rising and that has negatively impacted consumer demand for pre-owned vehicles.
As of Thursday, Carvana stock had plummeted 96 percent during the year. The stock is just under $7 as I type this. -
C300 Coupe. 2022 3,770 miles on odometer. Still under factory warranty.
Traded the Toyota Crown for it. Even up trade pretty much. Paid cash, and that is a first for me on a car of this caliber. Taking that $540 monthly I was paying on the Toyota and putting it into a Roth.
