QOTD: Can Carvana Be Saved? If So, How?
I just posted about Carvana's most recent financial woes. So, naturally, I have to ask -- can the company be saved? If so, how?
I know, I know, if you really could save Carvana you'd probably be charging the company a lot to be a consultant, instead of commenting here for free. But let's pretend you could be that consultant. What would you tell Carvana?
The idea of a company that took the dealer out of the used-car-buying experience seemed pretty cool just a few years ago, and the COVID pandemic forcing folks to shop from home certainly helped it grow even more. But now that supply is catching up to demand, used-car prices are dropping, and that plus a heavy debt load and rising interest rates have really put Carvana in a bad place.
So, think it can be saved? Sound off below.
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Tim Healey grew up around the auto-parts business and has always had a love for cars — his parents joke his first word was “‘Vette”. Despite this, he wanted to pursue a career in sports writing but he ended up falling semi-accidentally into the automotive-journalism industry, first at Consumer Guide Automotive and later at Web2Carz.com. He also worked as an industry analyst at Mintel Group and freelanced for About.com, CarFax, Vehix.com, High Gear Media, Torque News, FutureCar.com, Cars.com, among others, and of course Vertical Scope sites such as AutoGuide.com, Off-Road.com, and HybridCars.com. He’s an urbanite and as such, doesn’t need a daily driver, but if he had one, it would be compact, sporty, and have a manual transmission.
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