CVNA - Carvana's Turnaround Plan Seems to Be Missing 1 Key Detail
2023-10-07 07:10:00 ET
Carvana (NYSE: CVNA) started out with the ambitious goal of revolutionizing the way people buy used cars. It was looking to do this by using the power of the internet. For a long time, the company grew at a rapid clip. But in 2022, things took a turn for the worse. Management is currently executing on a three-step plan to get back on the growth track. But one key detail seems to be missing from that plan.
To give credit where credit is due, Carvana did grow its business at a shocking clip. In the first quarter of 2014, it sold roughly 300,000 used vehicles. By Q2 2022, it had boosted that quarterly figure to a peak of 117.6 million. In roughly six years, the used car retailer went from a pipsqueak to an industry giant competing with long-tenured peers such as Carmax (NYSE: KMX) . That's impressive.
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Carvana's Turnaround Plan Seems to Be Missing 1 Key Detail