Ukrainians in New York rally against war
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)news.yahoo.com
I-TEAM investigates car dealer facing fines in multiple states including Florida
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.
Online car seller Vroom promises torture-free car buying in first Super Bowl ad
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.cnbc.com
Carvana debuts flagship car vending machine in Atlanta
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.
The used car boom is one of the hottest, and trickiest, coronavirus markets for consumers
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.cnbc.com
Carvana shares surge 24% after company projects record quarter
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.cnbc.com
Carvana shares tumble double digits on first-quarter losses
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.cnbc.com
She fled coronavirus-stricken Brooklyn to live in Oklahoma: 'You're just in this survival mode'
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?"cnbc.com
Coronavirus pushes auto dealers to embrace online sales like Tesla, Carvana
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.cnbc.com