Business is deteriorating rapidly at used-car seller Carvana, which is cutting hours for its staff and big rounds of layoffs. The slowdown will make it harder for the company to keep servicing its heavy debt load.
Online used-car dealer borrowed heavily assuming fast growth would continue
Carvana’s share price skyrocketed in 2021, but less than a year later it dropped by 95%. WSJ’s Ben Foldy explains the factors that helped drive the online car dealer’s growth and why investors are now questioning its future. Illustration: Preston JesseeCarvana Co.
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