Carvana, ‘The Amazon of Car Dealers’, Fights its Biggest Battle

The way Ernie Garcia III sees it, the problem is not existential.

Garcia, founder and CEO of Carvana  (CVNA) – Get Carvana Co. Class A Report, the online used car retailer, gave a run down of his company’s financial position during a June 7 presentation at the William Blair Annual Stock Growth Conference.

Carvana, which has been dubbed “the Amazon of car dealers,” have’t seen much in the way of growth lately, as its share value have dropped dramatically. 

An Existential Crisis?

On Aug. 10, 2021, the Tempe, Arizona’s company’s stock hit a high of $370.10. On June 9–less than a year later–shares closed at $23.13.