Carvana Shares Plunge to Record Low as Used-Car Prices Fall Fast

Bloomberg2022-11-08

Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.Shares of the online dealer have sunk ...

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sunshinegirl
2022-11-08
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That’s a far cry from the $60 billion valuation the firm commanded last year.Carvana, which allows its customers to buy a car from anywhere, saw its market value skyrocket last year when supply challenges in new-car production caused a surge in demand for used vehicles. That helped lure investors hungry for Covid-lockdown bets, especially given Carvana’s focus on at-home purchasing.But the environment is changing as supply snarls ease, auto production gradually normalizes and the cost of used cars are falling fast. Plus, the Federal Reserve’s fight against inflation has sent interest rates higher, raising the cost of financing vehicle purchases and weighing on consumer demand.The closely watched Manheim Used Vehicle ValueIndex, which tracks used-vehicle prices, dropped in October for a fifth-straight month, down 10.6% from a year earlier. 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