Carvana Q1: Accelerated Growth Accelerates Losses
Carvana’s first-quarter results include triple-digit gains in net revenue and consumer-sourced inventory, but losses continue to mount, growing 57% to $82.6 million year-over-year.
Carvana’s first-quarter results include triple-digit gains in net revenue and consumer-sourced inventory, but losses continue to mount, growing 57% to $82.6 million year-over-year.
Despite a proliferation of new models, a survey of U.S. consumers finds only 40% believe most vehicles will be electric 10 years from now, a result AAA analysts say reveals a ‘lack of knowledge’ in how EVs perform in day-to-day driving conditions.
Black Book’s Used Vehicle Retention Index registered at 113.6 in April, 1.4% higher than it was a year ago but 0.2% lower than in March.
A bankruptcy court ruling allowing two captives to reclaim inventory has officially closed the doors on Tate’s Auto Group after more than 40 years in business.
Brady Ware Dealership Advisors has created a cross-departmental consulting group, offering dealers ‘strategic improvements’ to directly increase profits and brand value.
National Automotive Experts and NWAN named former Ford and CarSaver executive Grant Grigorian as the F&I product provider and administrator’s new chief financial officer.
This year’s Industry Summit will be held Nov. 4–6 at the New Orleans Marriott, offering the nation’s premier advanced F&I training curriculum, new and returning tracks and events, and free admission for the first 100 dealers and general managers who sign up when registration opens this summer.
The annual forecast for U.S. light-vehicle sales fell to 16.41 million as volume fell 2.3% year-over-year in an April that was expected to bring the year’s first gain following an underwhelming first quarter.
Edmunds analysts say it keeps getting harder for shoppers to afford a new car as prices continue to rise and interest rates remain elevated.
Former Assurant and The Warranty Group executive Justin Thomas has joined PayLink Direct as the financial services provider’s new president and COO.
An analysis of more than 35,000 loans for pre-owned vehicles on the LendingTree platform finds Tesla, Porsche, and Lexus buyers had the highest average credit scores.
AUL Corp. announced the launch of several new products, including GAP coverage, theft, prepaid maintenance, and more.
Peak Performance Team has named 30-year industry veteran Jack Estes to the position of vice president of sales.
Swapalease.com’s Q1 latest report finds only 11.2% of lease-exchange customers favored luxury sports sedans in the first quarter, down from 17.7% in Q1 2018.
US Equity Advantage cites growth as the catalyst for an expansion of its dealer services team, including new managers in the Southeast, Midwest-Atlantic, West, and New England regions.
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