CARVANA

There’s an update to a News4JAX I-TEAM investigation into the online car buying company Carvana.

The balance of power shifted from employer to employee, whether return to the office or greater wages. Will a recession reverse those gains?

There’s an update to a News4JAX I-TEAM investigation into the online car buying company Carvana.

Carvana has run into legal and financial roadblocks that cast uncertainty on its plans to build a glass tower used car sales building in Skokie.

Carvana has gone from Wall Street's preferred used car retailer to trading like a meme stock amid cost-cutting measures and layoffs.

These are the stocks posting the largest moves in midday trading.

Shares of online used car retailer Carvana surged Thursday amid a wild trading session.

Online car seller said it was unable to tell every worker in person and relied on Zoom for some firings.

Online car seller said it was unable to tell every worker in person and relied on Zoom for some firings.

Your used car might be a major cash cow.

The stocks making the biggest moves in premarket trading include Carvana, First Solar, Generac, and more.

Many Ukrainian's in New York City did not go to sleep Wednesday night, as they stayed up to watch news reports about their homeland being invaded by Russia. Thursday, hundreds rallied around the city, holding Ukrainian flags and chanting "stop the war." (Feb. 24)

The Skokie Village Board approved the 14-story Carvana used car vending machine glass tower next to a forest preserve despite opposition.

There are new developments in a News4JAX I-TEAM investigation into Carvana and the delays customers have faced in getting their tags and titles after buying a car.

The Florida Department of Highway Safety and Motor Vehicles demanded Carvana submit all of its title applications for any sale the company made prior to Dec. 1, 2021, by Monday.

The News4JAX I-TEAM has uncovered new troubles for the online used car dealer Carvana, which could lose its license to sell cars in the state of Florida.

The News4JAX I-TEAM has uncovered more complaints against Carvana involving people who have purchased a used car from the company.

There’s an update to a News4JAX I-TEAM investigation into the car company, Carvana.

The News4JAX I-TEAM has been investigating Carvana, a company that promises "peace of mind" when you buy a car from them. But some local customers told us they’ve had no peace for months – accusing Carvana of failing to follow the Florida law and leaving them unable to get their titles and tags.

After one firm downgraded the stock of Carvana and another raised its price target, "Mad Money" host Jim Cramer explained where he stands on the situation.

Its 30-second Super Bowl ad called "Dealership Pain" focuses on the pressure of purchasing a vehicle through a traditional car dealer. "There's plenty of room for us to be successful in the Super Bowl as well as Carvana continuing on their path of success." Vroom's ad features a car buyer being pressured by a used car salesman almost to the extent of torture with jumper cables. The Super Bowl ad is part of an ad campaign for Vroom featuring similar spots, including one called "Dealership Deceit" that aired during Sunday's AFC Championship game for the NFL. Both Hennessy and Scherr expect the Super Bowl ad to continue to grow awareness and business for Vroom, which went public in June.

ATLANTA, Fla. – Atlanta’s newest high-rise building is apparently the tallest car vending machine in the country. Carvana, the online used car dealership, has opened its flagship vending machine in Georgia’s capital. The machine stretches 12-stories high and can carry up to 43-vehicles at a time. Carvana said customers can use the machine to purchase a vehicle and arrange for pick-up in as little as five minutes. Carvana sold its first car in Atlanta seven years ago.

Used car sales are soaring all over the U.S., and companies from Autonation to CarMax, Carvana and Buffalo, New York-based used car start-up ACV Auctions are benefitting. Automakers including GM have become more optimistic in commentary since the Q2 Covid-19 nadir, but even before Covid-19, the used car market was more than twice the size of the new car sales market. Overseas trends are similar, with private U.K.-based online car sales company Cazoo recently doubling its valuation. How consumers should play the used car boomOnline selling of cars is not entirely new. That is in a used car market that is above 40 million units annually.

Shares of Carvana jumped after the online used car marketplace said it expects to set records in several categories during its third quarter, including total revenue and retail units sold. The company previously declined to give forward guidance for the quarter, citing uncertainty from the Covid-19 pandemic. Carvana has averaged about $1.1 billion in sales over the last four quarters and sold just over 55,000 retail units in the second quarter of this year. That margin was a negative 6.2% during the second quarter. The firm said in a note that it expected retail unit sales to hit 48% year over year in the third quarter, up 25% from the second quarter.

Shares of Carvana tumbled double digits during after-market trading following the auto retailer reporting a net loss of $183.6 million during the first quarter. The company's loss widened by 122.3% compared to it losing $82.6 million during the first quarter of 2019. The used-car e-commerce platform reported an adjusted net loss of $1.18 per share. In letter to shareholders, Carvana cited the coronavirus as an "unexpected detour" that "brought unprecedented change at an unprecedented pace." Carvana said its margin for the quarter was in the red at 12.6%, including 2.4 percentage points related to the coronavirus, highlighting the toll the coronavirus has taken on even online retailers such as Carvana.

Marvel, an optometrist who left Tulsa 20 years ago, actually applied for a program last year called Tulsa Remote. Friends were seeing body bags from their windows, and you're just in this survival mode. Lindsey Marvel, 38, moved to New York City three years ago because, she said, "I'm literally going big or going home." New York City has seen more than 165,000 confirmed cases of Covid-19 and more than 12,000 have died. "How do you pay New York City rent with unemployment, or just how do you justify paying that rent when everything's closed or you're afraid to even go to the grocery store?"

Some, even if the showrooms are closed, can still sell vehicles online. Many saw online sales as a threat to their showrooms; however, the coronavirus is changing that. Automakers are rolling out new online sales tools or enhancing current programs for dealers, as they view online sales as one of their last chances for salvation during the pandemic. Fiat Chrysler, for example, launched a new online sales program this month that allows customers to partially, if not completely, go through the sales process online. General Motors also has increased the presence on its "Shop, Click, Drive" online sales program, which launched in 2013.