{"id":399,"date":"2022-11-21T19:04:12","date_gmt":"2022-11-21T19:04:12","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=399"},"modified":"2025-05-05T10:24:47","modified_gmt":"2025-05-05T10:24:47","slug":"carvana-lays-off-1500-employees-as-stock-drops-and-used-car-sales-slump","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2022\/11\/21\/carvana-lays-off-1500-employees-as-stock-drops-and-used-car-sales-slump\/","title":{"rendered":"Carvana Lays Off 1,500 Employees as Stock Drops and Used Car Sales Slump"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2022\/11\/Carvana_1496985935.jpg\" alt=\"Carvana\" class=\"wp-image-400\" srcset=\"https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2022\/11\/Carvana_1496985935.jpg 900w, https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2022\/11\/Carvana_1496985935-300x200.jpg 300w, https:\/\/www.autobuyersmarket.com\/news\/wp-content\/uploads\/2022\/11\/Carvana_1496985935-768x512.jpg 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><figcaption class=\"wp-element-caption\">In November 2013, Carvana opened its first version of a car vending machine, with the first fully-automated version debuting in 2015; currently, the company operates 32 such machines in the United States. File photo: Jonathan Weiss, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">TEMPE, AZ &#8211; Online used car retailer Carvana, famed for their building-sized car vending machines that were quite popular during the to-touch era of COVID-19, continued its post-pandemic slump on Friday when the company announced that it would be&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.thestreet.com\/technology\/the-collapse-of-carvana-the-amazon-of-used-cars-continues\" target=\"_blank\">laying off about 8 percent of its workforce<\/a>&nbsp;in an effort to trim costs amid a recent slowdown in the used car market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1,500 employees are being let go amid restructuring efforts, Carvana stated, following the news earlier in November that S&amp;P Global Ratings had revised its stock outlook from stable to negative; the move failed to surprise experts amid the company\u2019s underperformance thus far this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Immediately after announcing their quarterly results on November 3, Carvana\u2019s stock plummeted a whopping 44 percent, dropping from $14.35 to $8.06 per share; within two weeks, the company had lost approximately $1.1 billion, lowering its current value to $1.43 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Carvana was founded by Ernest Garcia III, Ryan Keeton and Ben Huston in 2012. In November 2013, Carvana opened its first version of a car vending machine, with the first fully-automated version debuting in 2015; currently, the company operates 32 such machines in the United States.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Carvana layoffs have started <a href=\"https:\/\/t.co\/FqZJhkJunM\">pic.twitter.com\/FqZJhkJunM<\/a><\/p>&mdash; Car Dealership Guy (@GuyDealership) <a href=\"https:\/\/twitter.com\/GuyDealership\/status\/1593641098207002624?ref_src=twsrc%5Etfw\">November 18, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Carvana&#8217;s business increased by as much as 25 percent or more during the COVID-19 pandemic due to physical dealership sellers being closed, a general avoidance of touch-based sales preferred by the public during this period of time in an effort to avoid exposure to the virus, and cheap rates on car loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since then, interest rates have skyrocketed, putting loans out of reach for a greater segment of the population once again; this, coupled with the end of government stimulus money and an impending national recession, have slowed the recently red-hot used car marketplace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, Carvana reported a 2.7 percent year-over-year loss in revenue for the third quarter \u2013 with total profits falling to 3.4 billion \u2013 and the company\u2019s net loss increasing to $283 million, up from only $32 million during the third quarter of 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TEMPE, AZ &#8211; Online used car retailer Carvana, famed for their building-sized car vending machines that were quite popular during the to-touch era of COVID-19, continued its post-pandemic slump on Friday when the company announced that it would be&nbsp;laying off about 8 percent of its workforce&nbsp;in an effort to trim costs amid a recent slowdown [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-399","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - 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