Is Carvana's Ex-Con Co-Founder to Blame for Its Fading IPO?

Carvana, the company we previously razzed for its innocuous multistory automotive contrivances, has suddenly found itself facing some legitimate problems. The car dealer is now famous for two things: vehicular vending machines and a majority shareholder with criminal ties to a major savings and loan scandal — who also happens to be the father of the business’ CEO and co-founder.

The organization is also facing a share price that has dipped 40 percent since its April 27 IPO. However, that can likely be blamed on an over-saturated used car market. Secondhand cars are incredibly affordable at the moment so, if you wanted to support Carvana or any other used vehicle vendor, now would be a good time. You just have to be alright with doing business with Ernie Garcia II, the ex-con investors are likely going to blame if the share price doesn’t bounce back.

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  • TheMrFreeze The wife unit and I refuse to buy a white/black/grey/silver car...life's too short for boring. As it happens we both drive orange cars right now but slightly different shades. Total coincidence, just happened that the used cars we found that met our requirements (ie: manual trans and at least some amount of character) both happened to be orange. My previous daily driver was orange as well, again total coincidence...they just seem to find us I guess...
  • Marcus36 In other words...."WE have no idea what we are doing"
  • Donald This is what happens when you make your wife CFO. This is all the result of accounting problems. And could’ve been avoided with a reserve of liquidy.
  • Rochester When I was young, a number of girls I dated wanted to own a Jeep. I didn't understand (and don't like them myself), but it was certainly something. So good for Jeep leaning into that.
  • 3SpeedAutomatic Elon took his eye off the ball while pre-occupied with "X" (formerly Twitter). Now, Tesla is coming around and biting him on the arse!!In the car business, you need to keep you finger on the pulse. Momentum will only carry you so far. If in doubt, think Lordstown and Fisker. He thinks technology will solve his problems. However, Telsa has moved from premier product to commodity with other manufacturers entering his exclusive domain. Time for Elon to fly back to Tesla HQ and come up with a long term plan. 🚗🚗🚗