Guest commentary: Despite Carvana's woes, online vehicle sales are just getting underway

February 24, 2023 10:10 AM

For a company that not long ago had a higher valuation than Ford, Carvana has taken a mighty fall — to the edge of bankruptcy, according to many experts. Carvana's stock fell a whopping 98 percent in 2022 — and may not yet have seen bottom. Even if the company manages to rehabilitate itself, analysts are recommending that investors stay away from its stock.

Until recently, Carvana was the most popular online vehicle sales site in the U.S. enabling consumers to buy used cars. Seen as a disrupter in a very conservative industry, its innovations include towering vending machines that dispense purchased vehicles. Now, with Carvana facing a plunging stock price, a surplus of vehicles it can't sell and a cash crunch resulting from rising interest rates, it looks like the end for the online vehicle sales site.

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Read the full article by Eliron Ekstein in Automotive News

Guest commentary: Despite Carvana's woes, online vehicle sales are just getting underway

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