Calvana is a used car dealer that allows customers to search, view, buy and finance cars completely online. The company can then deliver vehicles directly to customers’ homes or pick up purchases from one of his 33 fully automated vending machines in Carvana.
It’s a business model that has helped propel the company to new heights during the coronavirus pandemic. Supply his chain issues hamper new car production, social distancing measures make Carvana’s online-only car-buying experience desirable, government stimulus program provides consumers with extra cash and lowest interest rates encouraged just that.
In the summer of 2021, Carvana celebrated its first quarter profit. On August 10 of last year, Carvana’s stock hit an intraday high of $376.83 per share. The trade publication Automotive News tracks companies by the volume of vehicles sold each year. According to the latest data, in 2021 Carvana will sell more than 425,000 of his vehicles, taking the second spot behind used car giants. CarmaxBut the extremely high demand that made Carvana a Wall Street star would also spoil it.
look video To learn how Carvana went from Wall Street darling to what some analysts say bankruptcyand see what the future holds for used car retailers.