Consumers who have tried to purchase a car this year might know of the present struggles in the auto industry. New cars are almost impossible to come by with dealer inventories down as much as 80%, thanks to shortages of key components like semiconductors .
It has pushed people to change up their purchase strategy and consider used cars too, which has sent prices in the secondhand market skyrocketing. Digital used car dealer Carvana (NYSE: CVNA) has been a big beneficiary, generating record sales and gross margins this year, which have helped push the stock to all-time highs.
There are some short-term risks , but it's no surprise Wall Street has a consensus overweight rating on the stock. Let's explore the details.
For further details see:
Why Wall Street Loves This Growth Stock