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Reuters
Carvana slides on wider-than-expected loss as used car demand shrinks
The pandemic-led demand boom for personal transport is waning as rising inflation puts a strain on people’s pockets, prompting them to rethink big-ticket purchases. In a letter to shareholders, Carvana said the monthly payment for a customer buying a typical car has jumped 22% in 2022 from last year, significantly outpacing the soaring cost of living. Carvana, famous for its car vending machines, earlier this year laid off around 2,500 employees, or 12% of its workforce, in a bid to cut costs among its other measures.
