JoePistell Uncle Joe
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Based on Vroom’s & Carvana’s news, Ecommerce in auto retail maybe DOA.
Used car site Vroom lays off staff, 25%-50% says source, as it halts Dallas and Indiana operations
The layoffs come in the wake of tumultuous times for some of Vroom’s other competitors.
Today, Carvana reports:
Carvana stock tanks after company reports wider quarterly loss
Shares of Carvana Co. CVNA, -14.35% fell more than 7% late Tuesday after the company reported a wider-than-expected fourth-quarter loss and revenue that also missed expectations. Carvana, a platform for buying used cars online, said it lost $47 million in the quarter, or 45 cents a share, compared with a loss of $36 million, or 26 cents a share, a year ago. Sales rose to $265 million, from $107 million a year ago. Analysts polled by FactSet had expected the company to report a loss of 39 cents a share on sales of $270 million.