Home
What's new
Latest activity
Authors
Store
Latest reviews
Search products
Forums
New posts
Search forums
What's new
New posts
New listings
New products
New profile posts
Latest activity
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
Cart
Cart
Loading…
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Search titles only
By:
Menu
Log in
Register
Navigation
Install the app
Install
More options
Change style
Contact us
Close Menu
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
Current New Vehicle Market
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="13COBRA" data-source="post: 16798274" data-attributes="member: 138337"><p>Online used-vehicle retailer <a href="https://www.autonews.com/topic/carvana" target="_blank">Carvana Co.</a>, once seen as a rising star in the COVID-19 era, is facing a reckoning in the wake of numerous setbacks this year.</p><p></p><p>In the most recent, the state of Illinois this week <a href="https://www.autonews.com/used-cars/why-illinois-suspended-carvanas-license-again" target="_blank">reinstated its order blocking Carvana from selling vehicles in the state</a>. Other setbacks include wider financial losses in the first quarter, state regulatory challenges over titling and registration fumbles and sweeping job cuts.</p><p></p><p>To help readers follow the developments at Carvana, we're compiling our ongoing coverage of the company in one organized timeline.</p><p></p><h3> </h3><p>We will continue to closely watch <a href="https://www.autonews.com/used-cars/carvana-vroom-and-shift-see-stock-prices-fortunes-fall" target="_blank">Carvana, its stock price and financial status</a> and will plan to update this timeline with future news stories about the retailer. One event to watch for: Carvana's second-quarter earnings report coming Aug. 4.</p><p></p><p><strong>Feb. 24:</strong> Carvana announces a plan <a href="https://www.autonews.com/dealers/carvana-bets-22b-adesa-us-acquisition-expand-its-reach-cut-shipping-times" target="_blank">to buy the ADESA U.S.</a> physical auction business from wholesale auction company KAR Global. The transaction price is about $2.2 billion.</p><p></p><p><strong>April 20: </strong>Carvana says it sold fewer vehicles than it had planned at lower profits per vehicle in<a href="https://www.autonews.com/dealers/carvana-saw-hindered-sales-volume-growth-challenging-q1" target="_blank"> a "challenging" first quarter</a> that produced a $506 million net loss, more than six times its loss in the year-earlier period.</p><p></p><p><strong>April 25: </strong>Carvana's pending acquisition of ADESA U.S. prompts <a href="http://some%20automakers%20and%20dealers%20to%20rethink%20or%20sever%20their%20relationships/" target="_blank">some automakers and dealers to rethink or sever their relationships</a> with the No. 2 U.S. auction house.</p><p><a href="http://a.idio.co/r?a=consume&e=246634&o=1039&d=1039&u=https%3A%2F%2Finfo.jmagroup.com%2Fresources%2Ffi%2Fficon%2Fthe-ultimate-guide-to-dealership-growth&c=automotivenews&q=2c7e9adc-3b0e-4335-9a3e-992e50b8ea8e&x%5Bidio%5D=915416017" target="_blank">http://a.idio.co/r?a=consume&e=246634&o=1039&d=1039&u=https://info.jmagroup.com/resources/fi/ficon/the-ultimate-guide-to-dealership-growth&c=automotivenews&q=2c7e9adc-3b0e-4335-9a3e-992e50b8ea8e&x[idio]=915416017</a></p><p><strong>April 27: </strong>Apollo Global Management Inc. <a href="https://www.autonews.com/used-cars/carvana-gets-16-billion-junk-bond-offer-apollo-help-finance-adesa-acquisition" target="_blank">offers to buy $1.6 billion</a>, or roughly half, of a junk-bond sale that Carvana offered to help finance its acquisition of ADESA U.S.</p><p></p><p><strong>May 10: </strong>Carvana wraps up its <a href="https://www.autonews.com/used-cars/carvana-finalizes-purchase-kar-globals-adesa-us" target="_blank">purchase of ADESA U.S.</a> The company says the acquisition, which includes 56 sites across the nation, will give it the ability to process far more cars and trucks and get them ready for retail.</p><p></p><p>Illinois <a href="https://www.autonews.com/used-cars/carvanas-dealer-license-suspended-illinois-now" target="_blank">suspends Carvana's license</a> to sell vehicles in the state. A state official says Carvana needs to resolve problems with how it transfers vehicle titles and issues out-of-state temporary registration permits before its license can be reinstated.</p><p></p><p><strong>May 10-13: </strong>Carvana discloses that it will <a href="https://www.autonews.com/used-cars/carvana-lay-2500-executives-forgo-salaries-rest-year" target="_blank">cut 2,500 operations jobs</a> in an effort to right-size the company. The news <a href="http://triggers%20a%20stock%20sell-off%20and%20employee%20backlash/" target="_blank">triggers a stock sell-off and employee backlash</a>. The next few months will be crucial for Carvana and its online retailing brethren <a href="https://www.autonews.com/used-cars/carvana-vroom-and-shift-see-stock-prices-fortunes-fall" target="_blank">to contain expenses and curb losses, analysts say</a>.</p><p></p><p><strong>May 26: </strong>Illinois <u><strong><a href="https://www.autonews.com/used-cars/carvana-allowed-illinois-operate-limited-basis" target="_blank">stays its May 10</a></strong></u> order for Carvana to suspend its vehicle sales in the state. The Illinois Secretary of State’s office says Carvana can keep selling as long as it complies with “strict guidelines.”</p><p></p><p><strong>July 18</strong>: Illinois <a href="https://www.autonews.com/used-cars/why-illinois-suspended-carvanas-license-again" target="_blank">reinstates its suspension of Carvana’s license to sell cars in the state</a> after the Illinois Secretary of State’s office said Carvana failed to follow proper procedures.</p><p></p><p><strong>Aug. 4</strong>: Carvana will report second-quarter financial results. Investors are looking to find out <a href="https://www.autonews.com/used-cars/carvana-pressured-cut-costs-amid-waning-used-car-demand" target="_blank">how well the retailer is controlling costs</a>.</p></blockquote><p></p>
[QUOTE="13COBRA, post: 16798274, member: 138337"] Online used-vehicle retailer [URL='https://www.autonews.com/topic/carvana']Carvana Co.[/URL], once seen as a rising star in the COVID-19 era, is facing a reckoning in the wake of numerous setbacks this year. In the most recent, the state of Illinois this week [URL='https://www.autonews.com/used-cars/why-illinois-suspended-carvanas-license-again']reinstated its order blocking Carvana from selling vehicles in the state[/URL]. Other setbacks include wider financial losses in the first quarter, state regulatory challenges over titling and registration fumbles and sweeping job cuts. To help readers follow the developments at Carvana, we're compiling our ongoing coverage of the company in one organized timeline. [HEADING=2] [/HEADING] We will continue to closely watch [URL='https://www.autonews.com/used-cars/carvana-vroom-and-shift-see-stock-prices-fortunes-fall']Carvana, its stock price and financial status[/URL] and will plan to update this timeline with future news stories about the retailer. One event to watch for: Carvana's second-quarter earnings report coming Aug. 4. [B]Feb. 24:[/B] Carvana announces a plan [URL='https://www.autonews.com/dealers/carvana-bets-22b-adesa-us-acquisition-expand-its-reach-cut-shipping-times']to buy the ADESA U.S.[/URL] physical auction business from wholesale auction company KAR Global. The transaction price is about $2.2 billion. [B]April 20: [/B]Carvana says it sold fewer vehicles than it had planned at lower profits per vehicle in[URL='https://www.autonews.com/dealers/carvana-saw-hindered-sales-volume-growth-challenging-q1'] a "challenging" first quarter[/URL] that produced a $506 million net loss, more than six times its loss in the year-earlier period. [B]April 25: [/B]Carvana's pending acquisition of ADESA U.S. prompts [URL='http://some%20automakers%20and%20dealers%20to%20rethink%20or%20sever%20their%20relationships/']some automakers and dealers to rethink or sever their relationships[/URL] with the No. 2 U.S. auction house. [URL='http://a.idio.co/r?a=consume&e=246634&o=1039&d=1039&u=https%3A%2F%2Finfo.jmagroup.com%2Fresources%2Ffi%2Fficon%2Fthe-ultimate-guide-to-dealership-growth&c=automotivenews&q=2c7e9adc-3b0e-4335-9a3e-992e50b8ea8e&x%5Bidio%5D=915416017'][/URL] [B]April 27: [/B]Apollo Global Management Inc. [URL='https://www.autonews.com/used-cars/carvana-gets-16-billion-junk-bond-offer-apollo-help-finance-adesa-acquisition']offers to buy $1.6 billion[/URL], or roughly half, of a junk-bond sale that Carvana offered to help finance its acquisition of ADESA U.S. [B]May 10: [/B]Carvana wraps up its [URL='https://www.autonews.com/used-cars/carvana-finalizes-purchase-kar-globals-adesa-us']purchase of ADESA U.S.[/URL] The company says the acquisition, which includes 56 sites across the nation, will give it the ability to process far more cars and trucks and get them ready for retail. Illinois [URL='https://www.autonews.com/used-cars/carvanas-dealer-license-suspended-illinois-now']suspends Carvana's license[/URL] to sell vehicles in the state. A state official says Carvana needs to resolve problems with how it transfers vehicle titles and issues out-of-state temporary registration permits before its license can be reinstated. [B]May 10-13: [/B]Carvana discloses that it will [URL='https://www.autonews.com/used-cars/carvana-lay-2500-executives-forgo-salaries-rest-year']cut 2,500 operations jobs[/URL] in an effort to right-size the company. The news [URL='http://triggers%20a%20stock%20sell-off%20and%20employee%20backlash/']triggers a stock sell-off and employee backlash[/URL]. The next few months will be crucial for Carvana and its online retailing brethren [URL='https://www.autonews.com/used-cars/carvana-vroom-and-shift-see-stock-prices-fortunes-fall']to contain expenses and curb losses, analysts say[/URL]. [B]May 26: [/B]Illinois [U][B][URL='https://www.autonews.com/used-cars/carvana-allowed-illinois-operate-limited-basis']stays its May 10[/URL][/B][/U] order for Carvana to suspend its vehicle sales in the state. The Illinois Secretary of State’s office says Carvana can keep selling as long as it complies with “strict guidelines.” [B]July 18[/B]: Illinois [URL='https://www.autonews.com/used-cars/why-illinois-suspended-carvanas-license-again']reinstates its suspension of Carvana’s license to sell cars in the state[/URL] after the Illinois Secretary of State’s office said Carvana failed to follow proper procedures. [B]Aug. 4[/B]: Carvana will report second-quarter financial results. Investors are looking to find out [URL='https://www.autonews.com/used-cars/carvana-pressured-cut-costs-amid-waning-used-car-demand']how well the retailer is controlling costs[/URL]. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
Current New Vehicle Market
Top