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Carvana

Joker

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Word has it they’ll be out of cash in 2023 and their real estate is worthless. The vending machine in Westminster is nearly empty.
 

boatnam2

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How many stupid companies were $300-400 a share a year ago and are worth nothing, tough when things go south and all the stone hands have learned a lesson about the stock market.
 

Xring01

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I sold a 2016 Tahoe to Carvana.
It was fully loaded, and they paid $6K higher than KBB private party retail value.

I happily took their $$$.

Like 6 months later, they contacted me to get more paper work done on it, they had not sold it, because of a paperwork issue. Took them forever to figure that our.

Based on my experience, two things, they over pay for vehicles, and do not have their shit together. For me, thats a key reason why they are where they are.

I also bought one car from Carmax about 6 years ago. That was good deal, painless transaction, even bought an extended warranty thru carmax which worked out in my favor. Nothing major every broke, a few minor things, but when we brought it to repair places to get work done. Everything was fixed, plus stuff that may not have needed to be replaced, at no cost to us.
 
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EmpirE231

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They have a couple Raptors in stock,.... still want 60k for a 2019
 

BigRedBryan

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They paid me well over blue book for my last commuter car, easiest transaction I've ever done. Good thing they didn't know the car burned a qt of oil every 1k miles.
 

LargeOrangeFont

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Carava CVNA stock may be worthless in the next few weeks....wonder if they are becoming more negotiable on cars...

The stock went from about $7 after hours to $3.55 this morning. Last year that stock was $250!!!

In short… doubt it. Those are the only assets they have that are worth anything :)
 

Enen

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I'm not sure I'd count them out just yet. Rumor is they may have just acquired one of the largest auction houses in the country for multiple billions. If true, this acquisition could position them to have control over every phase of the used car industry. From the auction to the refurbishment to the retail sale/financing. Vertical integration over every aspect of that business.
 

EmpirE231

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I'm not sure I'd count them out just yet. Rumor is they may have just acquired one of the largest auction houses in the country for multiple billions. If true, this acquisition could position them to have control over every phase of the used car industry. From the auction to the refurbishment to the retail sale/financing. Vertical integration over every aspect of that business.
So might be a good time to buy some stock?

owners were previously ugly duckling, which turned into drive time.... which is about as shady of a used car sales scenario goes.... but the way the auto market is headed, might be a good time again for cheap cars financed to people with bad credit @ 24.99% rates.
 

530RL

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I'm not sure I'd count them out just yet. Rumor is they may have just acquired one of the largest auction houses in the country for multiple billions. If true, this acquisition could position them to have control over every phase of the used car industry. From the auction to the refurbishment to the retail sale/financing. Vertical integration over every aspect of that business.

They acquired ADESA USA in Q1-22 for 2.2billion.

Throw Carvana in bankruptcy and EG is the most likely bidder for the best assets such as ADESA as he can merge it with his privately owned Drive-Time. And he already sold plenty of Carvana stock to end up with it for essentially free and still have a few billion left over to fill up the Global Express on occasion.

Get all those assets for pennies on the dollar perfectly legally, all at the shareholder expense. 🤔
 

RVR SWPR

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I'm not sure I'd count them out just yet. Rumor is they may have just acquired one of the largest auction houses in the country for multiple billions. If true, this acquisition could position them to have control over every phase of the used car industry. From the auction to the refurbishment to the retail sale/financing. Vertical integration over every aspect of that business.
Few years back Rdp member in Car Auction Business 1000 Oaks. “Car Dudes”. Has not been posting in awhile. Really seemed he knew what he doing in that business,&
honest.
 

Sleek-Jet

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They had to stop selling cars in IL due to issues with titles.
 

GOTTBoat

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Carvana has a market capitalization today of about 700 million total.

Fortuitous timing by the Garcia's for their stock sales.



This ^

Watched a YouTube video that seemed somewhat legit over a year ago that laid it out that they never set it up to be profitable and was only a way to enrich the family by selling stock. If I remember correctly the dad has been in legal trouble before with another business venture.
 

Heylam

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I just sold a Honda CRV to them last week. They paid me $1,125.00 more then the CarMax offer and more then any other car buying company by a lot. Super easy transaction, I’m glad I completed it before the company has more problems.
 

spectras only

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Adesa is here in Richmond BC, apparently Carvana owns them now. Never found any good deals at Adesa Richmond when I used to drop by there. Right now, unless it's a pristine truck with low miles/kms , used car sales value kinda plummeting right now.
Had my pristine Viper GTS consigned a few months ago, not a single bid on it. Took it home and we'll listing it by myself early spring. Buddy has his Huracan at the consigner along multitude of expensive cars there, I see same cars unsold for almost a year.
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530RL

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Adesa is here in Richmond BC, apparently Carvana owns them now. Never found any good deals at Adesa Richmond when I used to drop by there. Right now, unless it's a pristine truck with low miles/kms , used car sales value kinda plummeting right now.
Had my pristine Viper GTS consigned a few months ago, not a single bid on it. Took it home and we'll listing it by myself early spring. Buddy has his Huracan at the consigner along multitude of expensive cars there, I see same cars unsold for almost a year.
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Put it on bring a trailer. You can have a reserve. They will even send someone out to take dozens of pictures.

It is a good site that will result in market prices.
 

spectras only

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Put it on bring a trailer. You can have a reserve. They will even send someone out to take dozens of pictures.

It is a good site that will result in market prices.
I know people that sold their cars on Bring a trailer. I'd rather find a buyer locally or near. There're quite few roadsters for sale, not many GTS's out there right now. Track member is interested in my car but he wants to sell his 2005 SRT before pulling the trigger.
Not in a hurry to sell. Friend had a 2017 Callaway Vtte 757HP rare model he sold on Auto trader in a week during summer. Guy from Ontario flew out and drove the car home. Rare issue cars still find buyers quicker.
he'll keep his 64 for ever.;)
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COCA COLA COWBOY

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So might be a good time to buy some stock?

owners were previously ugly duckling, which turned into drive time.... which is about as shady of a used car sales scenario goes.... but the way the auto market is headed, might be a good time again for cheap cars financed to people with bad credit @ 24.99% rates.
I wouldn't do it! BOIL is a better buy at the moment. Also, ACB is ok. You have to be ready to sell these though. They go down just as fast as they go up.
 

COCA COLA COWBOY

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I just sold a Honda CRV to them last week. They paid me $1,125.00 more then the CarMax offer and more then any other car buying company by a lot. Super easy transaction, I’m glad I completed it before the company has more problems.
Shoot, from what everyone is saying you may still have the title to it for the next few months. If they go down, you may get it back!
 

Warlock1

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I worked for these guys for 6 months. Right up until May of this year and they layed off 2500 people after getting their performance numbers. The owner and senior people know how to make money, but I thought they were just stupid business people with the way they were conducting day to day business. Now with this revolution I may have been wrong.......
 

pronstar

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I worked for these guys for 6 months. Right up until May of this year and they layed off 2500 people after getting their performance numbers. The owner and senior people know how to make money, but I thought they were just stupid business people with the way they were conducting day to day business. Now with this revolution I may have been wrong.......

Sounds like they’re in the “we know how to make money” business, and definitely not the car business.

This is what happens when there’s too much money in the system, looking for a place to go
 

Warlock1

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Sounds like they’re in the “we know how to make money” business, and definitely not the car business.

This is what happens when there’s too much money in the system, looking for a place to go
I went down to HQ once because other employees kept talking about it. They had a "library" there that was set up like something in a mansion. Complete with a suit of armor, leather couches, massive hardwood bar. Pure Opulence. At one point I was told they had fully stocked fridges for drinks and had special drinks on tap. They have a human size chess board on the floor. They also had an indoor pickle ball court.
 

Sleek-Jet

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Sounds like they’re in the “we know how to make money” business, and definitely not the car business.

This is what happens when there’s too much money in the system, looking for a place to go
What's wrong with making money?
 

pronstar

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What's wrong with making money?

Nothing at all.

It’s on the investors to determine if it’s a viable company…but it was never viable from the get-go.

Caveat emptor.

But if they’ve defrauded their investors, then that’s a separate convo.
 
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