Carvana is a company that sells used cars online. You can look at cars, buy them, and get them delivered to your home or pick them up from one of their vending machines. During the pandemic, people wanted to stay home, and Carvana’s online-only car buying experience was very popular. Also, there was a shortage of new cars, so people turned to used cars instead. Carvana sold a lot of cars and made a lot of money. They even became one of the top sellers of used cars in the country.
However, the high demand for used cars also led to higher prices, which made it harder for Carvana to buy cars at a good price. They also had trouble with the supply chain, which made it harder for them to get the cars they needed. These problems made it harder for Carvana to make a profit, and some people think they might even go bankrupt. It’s still unclear what will happen in the future, but Carvana’s success and struggles show how the pandemic changed the way we buy cars.
For more, click here: https://www.cnbc.com/2022/12/20/disrupting-used-car-market-caused-carvana-to-succeed-and-stumble.html
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