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DYTTIGAF t1_j9ktwdx wrote

Carvana has not been providing customers with vehicle titles in a timely manner plus a whole host of delivery and return problems.

This is simply a "pile on" by the established dealer's in the State (to use any tool necessary to push them out and now have the ears of the politicians).

This is a huge market. It's a small world. Texas could be next and that would be a kill shot for the company.

Make you money on the short side and never look back. Today 50% of the stock is shorted and that's to much weight to fight the gravity of bankruptcy. Carvana's billion dollar debt load demands a filing very soon.

Carvana is finished.

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Bryguy3k t1_j9l43sl wrote

Overpaying for inventory wasn’t a problem when used car prices were going up 10% a month during the pandemic but now that they’re falling month over month they’re looking at awful write downs in their future.

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DYTTIGAF t1_j9lb379 wrote

It's their whole balance sheet. You destroy that inventory value the company is essentially bankrupt.

Amazing level of debt, stupidity, and bad luck.

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fenriswulfwsb t1_j9m51i9 wrote

Used car prices aren't falling anymore.

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Bryguy3k t1_j9m81th wrote

It’s a temporary pause. This summer is a perfect storm of economic conditions that will have a record number of lease returns and repos.

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acenightcreeper t1_j9kpqn0 wrote

Illinois loves to ban items that are legal to own in other states

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67D1LF t1_j9kzpcy wrote

Especially after a large influx of said items, so they can apply a redundant tax on them.

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TheSneedles t1_j9mmyn3 wrote

I’m pretty sure my AR12 with a drum mag would not be legal in Illinois.

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Sudden-Shock-199 t1_j9ninaz wrote

Bankruptcy this year is likely

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Explod3 t1_j9puixz wrote

Yeah i keep buying cars on auctions and fb and flipping it to them for double. Its free money all day

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Observ1 t1_j9o7z03 wrote

Illinois bans Carvana every other day for the benefit of the sleazy car dealerships then they changed their mind. Truly the northern state of Mississippi.

0