LAD - Online auto retail stocks crash amid broader eCommerce selloff

On a down day for internet retail stocks, online auto retailers are performing particularly poorly. Carvana (NYSE:CVNA -15.0%) is leading the way down as a focus on profitability metrics combined with concerns on its recent dealings with Apollo Global (APO) draw the market’s ire. Shares fell nearly 20% at the lows of the day, extending losses that leave the stock down nearly 80% since the start of the year.  "By the company’s own admission, it had accelerated growth at precisely the wrong time into a consumer slowdown leaving a major mismatch between capacity and demand, creating a liquidity crunch,” Morgan Stanley analyst Adam Jonas wrote in a note covering Carvana (CVNA) on Wednesday. However, Carvana (CVNA) is not alone in being battered among online auto retail stocks on Thursday despite its idiosyncratic issues. Rather, the broader industry sell-off appears driven by concerns on inflation and consumer strength that Jonas alluded

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Online auto retail stocks crash amid broader eCommerce selloff