Carvana seeks to reset after 2022 losses, plans $1 billion in cost reductions

Carvana Co. said it plans to complete a $1 billion reduction in operating costs by the second quarter of 2023

as the online car-sales company seeks to right itself without resorting to layoffs, after it snapped a streak of winning years in 2022.

“We... as the online car-sales company seeks to right itself without resorting to layoffs, after it snapped a streak of winning years in 2022. “We expect these expense reductions to be broad-based across all large SG&A expense components, but importantly, we do not expect a reduction-in-force to be part of this plan,” Carvana said in a statement.

“Rising interest rates and market sentiment drove a significant shift in our priorities away from growth and toward profitability,” Carvana said. “This led to markedly lower volumes than we had positioned for and, as a result, we have been carrying excess costs.”

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