Pressure on the company's shares intensified since Dec. 7 when Bloomberg reported that key creditors, including Apollo Global Management Inc. and Pacific Investment Management Co.,
, an auto auctioneer and subsidiary of KAR Auction Services Inc., and now those companies that financed that debt are growing concerned, especially with interest rates having risen since that deal was put together. Bloomberg recently reported that the debt bonds are trading at just over half of the value at the start of the year.
The Business Journal reached out to Carvana on Friday to comment on the latest stock speculation and reports about possible bankruptcy. A company spokesperson issued the following statement: "Disrupting any industry is never easy, but especially one that has been around for 100 years. Yet, millions of satisfied customers have responded positively to Carvana's e-commerce model for buying and selling cars and this has made us the fastest growing used car retailer in U.S. history. We have seen many e-commerce companies written off early in their journey only to become market leaders. We plan to follow suit.
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Carvana responds to reports of liquidity issues, share swings - Phoenix Business JournalShares of the Tempe-based online used-car dealer had a wild ride on Wall Street this week, with another analyst casting doubts on the company's future on Friday amid a debt squeeze and tightening margins due to vehicle price pressures. Carvana shot back with a response sent to the Business Journal regarding its financial outlook.
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Outside Voices: Preparing for inflection points in your business - Jacksonville Business JournalAs year changes, think of what changes might be on the horizon for your business.
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Outside Voices: Preparing for inflection points in your business - Jacksonville Business JournalAs year changes, think of what changes might be on the horizon for your business.
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Bankruptcy worries swirl around used car retailer Carvana | CNN BusinessUsed car retailer Carvana, facing a cash crunch, could be headed towards bankruptcy, according to both published reports and a bearish analyst's call that slashes its share-price target to $1. Hey UMARYKUN’Z R BIYYNG ELEKTRYCK VEHYKLE’Z.. NOHW AH DEY’Z.. OUWR GHYLDREN R TYER’D UV BREETHYNG.. YMYSHUWN’Z FRUM GAZSSOLYNE ENGYNE’Z… LE’D EM GOW BAYNKRUWP’D… 🚘🛻🚗
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Apartment cooldown continues nationally as rents drop for third consecutive month - Jacksonville Business JournalThe U.S. apartment market continued its slowdown last month, the third consecutive month of declining rents.
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Florida insurance needs long-term solutions, AM Best report says - Jacksonville Business JournalA financial-ratings agency issued a report Thursday that warned about the possibility of additional insolvencies of property insurers.
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