“Today is a difficult day. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt,” https://www.cnbc.com/2022/11/18/carvana-to-lay-off-1500-employees-amid-economic-uncertainty-.html
Tech Industry
6h
501
What makes so many Southeast Asians have an inferiority complex towards East Asians?
Health & Wellness
3d
44550
Se****ly deprived
Tech Industry
Yesterday
1011
Buying a house with a gf
Cars
Yesterday
459
Liberals have ruined EVs by creating a resentment among conservatives
India
Yesterday
1703
Finally I give up, going back to India.
Who could have foreseen a car vending machine failing?
Like Zillow these idiots have splurged a lot of buying up used cars. They were paying 2k more than dealers for sedans with even looking at the car.
One of those laid off. Zillow at least tried flipping an asset that goes up in value long term. Carvana flips a depreciating asset
Before interest rate spike. Used car was going up in value. Some time used car is more expensive than new car due to lack of supply. So their business model as long as fed keep rate near 0 and supply chain bottle neck continue. Once rate reverse, the whole crumble
I don't get how these companies grow to such a size. Seems like a car sales website can be made by hiring a freelancer for a week or two. This shit is crazy.
They have a great business idea and actually good execution- took away the pain of buying a used car - no haggling with dealers or worrying about are you getting a lemon. I bought my last car through them and no complaints- bet their operational costs are high to turn the cars around and they ended up buying more cars that are not selling now due to the recession. Someone posted about vending above-only in major cities- they actually deliver the car to your home.
The used car prices are falling with rising interest rates (check Mannheim car index). This whole thing is just the beginning. With new car production limitations to be ironed out, soon there would be huge influx of both new and used car inventories. Together with higher rates, it’s going to be a tough time for sellers.
This is a bankruptcy waiting to happen.
Anyone who didn’t see this coming wasn’t paying attention
This is a super dumb company. They bought a car from my acquaintance for more than he paid new 2 years earlier.
Super dumb company or really smart people who sold this flawed business model to the investors? Nobody is dumb but the investors who bought into this charity.
This is just the car market right now, everywhere. A dealer paid us more for a trade in on our car and it was a 2016 model year base 4Runner. Trying to buy a car right now is just insane.
Should I know this company
New hires? Top of bands? Tech? Management?
Combination of new hires and top of bands since they tend to go hand in hand. Mainly senior IC roles Mainly operations , engineering and analytics was affected. Management not as much but I think they go after they are done with the dirty work.
Know this cos I was also affected