Carvana laid off 12% of the people today, declining sales. Consumer spend is decreasing. Is it really because of the inflation or is it because people have already spend a lot in the last 2 years and most people already bought what they needed? Will the housing market follow or it’s yet to get worse because lot of consumers still want to buy? #tech #housingmarket #layoffs
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Probably because used cars are so expensive! Everyone just buying/leasing new cars, also interest rates for new cars is much lower
Where did you get the 12% number? 12% of what exactly? I don't think it's 12% of all employees.
Laid off ~2500, they have around ~21000 employees
There are no cars to buy because of the chip shortage
what departments were affected
Operations, that’s what the news says. Don’t know for sure
What? There are bonuses cars to buy, caravan should be printing money
Money is running out to spend, not to mention money is becoming “expensive” where it was just free for all created out of thin air
Really sorry for those that were affected. The good news is I'm still hiring almost every possible role in NYC and Sydney at Rokt. We just raised $325M @ ~$2B, IPOing soon while growing >100% YoY so that valuation is quickly outdated. The Career ladder is obscenely generous (because we haven't updated the option issue valuation despite revenue going through the roof) and we're generally benchmarked at Google + 10% as we don't mess about. The main that sets us apart from most growth stage startups is we are [extremely] profitable, [extremely] cash positive while still growing like no tomorrow. DM me for more info/referral. I can help the fastest if you provide: - A resume - Confirm you're fully vaccinated - Confirm you're willing to work hybrid out of NYC (all roles) or Sydney (R&D), 3 days a week in office.
Hey all, former Vroom employee here (left a few weeks back). Vroom had to layoff ~14% of the workforce because it has a fundamentally unsustainable business model. The company burns money by shipping large parcel vehicles across the country to disgruntled customers who win costly concessions due to their shite buying experience. Senior Leadership and the board are convinced they can turn the company profitable in a year. I am not convinced.
Did you know about the layoffs coming?
I don’t see it either. Not taking a pot shot or anything at y’all, the senior leadership has done some impressive things in eCommerce but this is just a different game. Vroom has some serious structural disadvantages to Carvana in the loan facilities and inspection center components of the organizational setup. I hope Vroom does make it because it’s such a large market that everyone can have a slice but we’ll see what moves they think they can make. Perhaps if they focused on a few key geographical areas where they can keep shipping costs down and open / partner with body shops to fix cars at a lower volume but scaling that model is a real pain in the ass. What you doing now?
Caravana is great, for the car seller. It shocked me how they’d just pay loads of cash for mediocre cars. Sure used car market was hot, but they don’t seem to maximize profitability and although I love the convenience, profit margin is key in retaining employments and surviving
But HoUsInG sHortAgE
Yess, so many people have been waiting since past two years to buy a house
What is with the random capitalization of letters. Is it supposed to represent an anonymous blackmail note or something?