How do you survive a tough stretch? Stay resilient and, when your luck turns, be ready to jump at the right opportunity, according to Carvana co-founder and CEO Ernie Garcia.📺 24/7 Chicago news stream: Watch NBC 5 free wherever you areof its value from an all-time high just a year earlier. Many Wall Street investors worried the Tempe, Arizona-based company might never return to profitability.
Carvana had been riding high during the coronavirus pandemic, when the market for used cars surged. The lack of in-person shopping sent customers to online retailers, boosting Carvana's sales. But Carvana initially struggled to keep up with demand, and then its spending on aggressive expansion plans later backfired when the pandemic shutdowns ended. The company ended up
In December 2022, Carvana's shares traded at less than $5 apiece; they had topped $370 in 2021. Garcia worked onwhile issuing a statement assuring his customers, shareholders and employees the company was"singularly focused on executing on the plan to profitability." No matter how smart and talented you are, or how hard you work, you'll likely need certain elements to fall into place to succeed. That's true whether you're trying to build a profitable business or grow a successful career, according to psychology professor
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