Ernie Garcia insisted for years Carvana would become the world’s most profitable used car dealer by selling millions of vehicles online. But by the end of 2022 the company’s co-founder instead looked like another tech bro whose operating chops failed to match his bravado.
Carvana’s share price had fallen to $4 from $360 at its peak. Wall Street’s biggest vulture funds were circling in anticipation of a potential bankruptcy. Surging interest rates worsened affordability for…
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