Q:“Where do you see carvana in 5 yrs?” A: “We don’t.” Ouch*
@JeanSantana000
Жыл бұрын
I knew that their business wasn't serious when a friend received an online over-evaluation for his old car, dropped it off, received the check, and left without any sort of visual inspection to determine the condition of the car. Anybody with even a little bit of knowledge about the car industry knows that this business model was destined to fail.
@SaltySparrow
Жыл бұрын
100%
@lancescarlife
Жыл бұрын
^This!!!!!!!!!
@MrStanfordMD
Жыл бұрын
Yep. and that’s why I sold our two cars to them 😂 young lady walked up and handed us a check and a truck picked them up the next day
@JoeKyser
Жыл бұрын
Yup
@jonathantaylor6926
Жыл бұрын
That’s exactly how I sold them a car.. the guy who picked it up legit didn’t even walk a complete circle around it. Handed me a check a left and paid $10,500 when carmax offered $7,800 and the dealer $6,500.
@chrisr4220
Жыл бұрын
When a co-founder can’t answer where they see the company in 5 years and are only focused on the here and now, that’s a problem
@KTCA0P
Жыл бұрын
Especially given earlier in the piece @6:42 he talks about "Long Term Outlook" when talking about the purchase of Aldessa.
@kalmes
Жыл бұрын
Yeah. I'm not very business savvy, but even I noticed that, so it's probably pretty bad.
@mike325ci
Жыл бұрын
Yep, I also cringed when he said that... If someone that high up has no vision, then nobody in the rank and file does. Company is doomed to fail.
@justanotheruser03
Жыл бұрын
Co-founder defends the Adesa purchase because of “long term outlook” but can’t answer where he sees Carvana in 5 years. Good job buddy!
@adamdunlaptv
Жыл бұрын
Great point.
@j121212100
Жыл бұрын
that's funny.
@kevinowens3774
Жыл бұрын
Sold my SUV to Carvana in February 2022 for $15,000 which is exactly what I paid for in back in 2017. I knew it was insane. I couldn’t believe it. I knew they were gonna be in trouble the moment I saw how inflated the offers were. But I was gonna take FULL advantage.😂 For reference when I checked the cars value in 2019-2020 it was closer to $8,000. Carvana thank you for the life changing money. I knew y’all were doomed. They stock was $160+ when I sold my car to them. I should’ve bought PUTS with the check they sent 😂😂😂
@xcaliberVirus
Жыл бұрын
Same. Sold my camaro for 4k more than all the other offers I had gotten. A very good clean car yes, but glad they helped me out by buying 😜
@kevinowens3774
Жыл бұрын
@@xcaliberVirus I love that for you 😂😂. I couldn’t believe my eyes I said don’t mind if I do.
@xcaliberVirus
Жыл бұрын
@@kevinowens3774 I think I said that exact quote when they quoted me. 😜 lol
@sunsetparkbayridge11232
Жыл бұрын
Just curious how much they sell your car and what its profit for this deal
@EbanghaTanyi
Жыл бұрын
This made me so happy lmaooo.
@sharonh2991
Жыл бұрын
I find that whenever Jim Cramer gives advice it’s best to do the opposite.
@shasmi93
Жыл бұрын
I find that when ever I poop, I also pee.
@tateoften
Жыл бұрын
I have bought so many stocks in individual companies, There are so many stocks going to rocket in the long run, right now safe to invest in an ETF that tracks the S&P500 and ride it out. I put $290k into some growth stocks, some of my picks are VOO, BRK-A, AAPL, IVV, NYSE, NASDAQ, TSLA, I've gotten 91% return so far this year, I'll see where it goes... fingers crossed
@yvonnejoordan
Жыл бұрын
@Flora Quntinilla Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
@IbrndUSA
6 ай бұрын
0
@jeremylewis5154
Жыл бұрын
Market cap of 60 billion in Aug 2021 to 723 million in Dec 2022. Insane
@timberwolfe1645
Жыл бұрын
Not really. Classic overblown Virus growth for total speculation market
@skeptick6513
Жыл бұрын
Insiders cashed out billions before the crash
@MegaDIEHARD75
Жыл бұрын
As an ex employee I can attest the idea of Carvana is great. The management is horrible and the company is run by a lot of clueless people which eventually cause it's demise.
@Justinlearns
Жыл бұрын
@MegaDIEHARD75 when you give a company a $10B evaluation early in it's existence it's destined to be a disappointment. It's like expecting every first round draft pick to be the next GOAT. When in reality there's only a handful of Bradys and Jordan and Tigers in existence i.e. Apple, Google, Amazon
@wuldntuliktonoptb6861
Жыл бұрын
Yea the father sold at least 50000 shares for over a year every single day changing the tranches to up to 100000 shares. Made like 3.5 billion. He didn't just sell the top he dumped for like 18 months everyday after buying non float shares for pennies in March 2020. The son did what he was told but they're absolutely fine financially and will not care to file chapter 11.
@Decadentotter
Жыл бұрын
My friend was working in a dealership mechanic shop recently. He said he absolutely hated getting cars from Carvana because they'd always come in with what sounds like a minor problem only to discover it's a major issue.
@Ofelas1
Жыл бұрын
Auto1 ? The next Wirecard?
@LugW0rm
Жыл бұрын
Haha who would have guessed. Every car owner across the countries eyes lit up. Every single minor issue that you wouldn't notice, costing thousands to repair, easily dumped off at an overvalued sale? Hell yeah!
@Inspironline
Жыл бұрын
Another thing that likely contributed to the Carvana's downfall was the problems surrounding their titling department. Multiple reports from buyers not receiving their title in time or at all. Here is a link to a local news agency covering this topic :kzitem.info/news/bejne/rp2K2n6QgKidY20
@mfax1000
Жыл бұрын
That's the real reason...you can get the car but never own it. yup that's a profitable sustaining business model.
@MistaP13
Жыл бұрын
Exactly! Not sure why they didn’t mention that? 😳 That is some of the most shady practice in the industry!
@poulticegeist
Жыл бұрын
It was mentioned at 7:11
@Cj-xl3jv
Жыл бұрын
Yep, my neighbor waited over 6 months for title paperwork to finally run the VIN himself and find out the car was stolen out of Alaska and sold in Alabama. He had to get a lawyer involved
@thearmy88ify
Жыл бұрын
Yup. took 9 months and a lawsuit to get my title. Never again!...and I told anyone I saw.
@kozad86
Жыл бұрын
I love the quality of these documentaries by CNBC. Great job to the team behind them.
@theironsheik6322
Жыл бұрын
They apparently know what a bonehead Jim Cramer is.
@glenncanning8189
Жыл бұрын
Eh, not sure I can agree. It'd be nice for them to rely on zoom calls less often for their talking head interviews. They lend an amateurish quality to anything they're included in.
@SexyLeaForYou
Жыл бұрын
😂😂😂
@michaelgodwin6158
Жыл бұрын
I bought a used car recently and specifically AVOIDED Carvana. I heard way too many horror stories of people not ever receiving their titles, of hidden fees and vehicle condition reports that failed to disclose significant mechanical issues.
@NPAMike
Жыл бұрын
there are no hidden fees, yes i would worry about the condition but you get the vehicle for 7 days before the purchase is finalized, day 1 you take it to a mechanic you trust and go over the car. I bought 2 cars for them and had no issues. The titling department is an issue so i won't defend that. But the model works. Just have to fix up some things.
@originalpro1505
Жыл бұрын
@@NPAMike i bought a car from them with a stripped oil pan didn't find out till I had to do my own oil change
@troytruong8246
Жыл бұрын
title issue is not that common. It happens here and there. The news just blew it out of proportion. I would never buy cars from carvana or carmax due to their inflated price. Hell no.
@ednas207
Жыл бұрын
Me too! Anytime I see the car from caravana I don’t even check it out. Too many horror stories.
@skeetrix5577
Жыл бұрын
they are a incredibly shady company
@fafza1
Жыл бұрын
Carvana's failure is unfortunate because the dealership experience remains terrible. I really wish they would be able to come back strong.
@armandobroncas4124
Жыл бұрын
So you'd rather purchase a car online without any sort of vehicle inspection,test drive,comparison etc. Thats a great mindset they must love you at dealerships.
@TEverettReynolds
Жыл бұрын
@@armandobroncas4124 Carvana inspects the car. By now, with the power of the Internet, most people already know what they want and don't need a sales guy at a dealership to "sell" them anything.
@dkrampage2933
Жыл бұрын
@@armandobroncas4124 Test drive? Like the 7 day of testing and if you don't like it you can return it? Comparison? Like the one you as a normal person do when buying a car? Inspection? Like the one they do?
@armandobroncas4124
Жыл бұрын
@@TEverettReynolds man I dont think you could've proved my point better then that thank you, carvana was made for the "informed and know it all" crowd that can't handle one on one interaction with a real person.
@armandobroncas4124
Жыл бұрын
@@dkrampage2933 oh ok so I see you're just going to lay down and believe anything a 2 bit car company has to say about the cars they're selling?
@terrybrewer4296
Жыл бұрын
As an automotive technician, I can't begin to tell you the amount of Carvana customers that have come in with problems. One vehicle was so bad it looked obvious it had been rolled over and repaired in someone's back yard. Customer had no idea. I also find it hilarious that a company in such a financial crisis and laying off thousands of employees, they still somehow find the funds to sponsor a race team.
@joshyoon
Жыл бұрын
Last April, the CEO and his father bought over $500 million in stock. They've lost 95% of that in just 8 months. Crazy.
@junior1497
Жыл бұрын
I just looked at Carvana’s website and they have some ridiculous prices. 17k for a 2012 GMC Canyon with over 100k miles. I’m glad they are failing
@duancoviero9759
Жыл бұрын
Yep 👍🏾
@bg1379
Жыл бұрын
100%! Their prices have been extremely high. I have absolutely no idea why people paid these high prices. Even in this video, $14k for a 4 year old Elantra that was probably $18k new--insane!
@Lazirus951
Жыл бұрын
When the co-founder says that thinking about 5 years from now "is a distraction", you know the situation is dire.
@مناياتالذكرالحكيم
6 ай бұрын
Try to remember that at the time of publishing that video the share price was at $7, but now it is $87 and is highly expected to reach $100 😂
@ToAnEnd
Жыл бұрын
I bought a car from Carvana toward the end of ‘21. Got a great price on an Accord Hybrid, and even greater price on my 350z trade-in. After I had such a great experience, I considered buying some stock (it was about $250/share I think) but after looking into the numbers a little more, and talking to others who had a horrible experience, I decided against investing. *so glad I didn’t buy into this company*
@sandtanmaroon
Жыл бұрын
Should’ve kept that 350z
@blackout2610
Жыл бұрын
But did you get a title and registration?
@eugene44569
Жыл бұрын
@@sandtanmaroon peoples needs change so what you like or need is objective.
@themuffinman25
Жыл бұрын
could have made $100+ a share and taken the profit.
@troytruong8246
Жыл бұрын
uve just dodged a bullet.
@MrLebowski405
Жыл бұрын
I bought a car through Carvana about a year ago. It was a relatively good experience overall. The buying process was easy, getting it delivered went smoothly. However, i don't think they made a profit off of me due to the amount of warranty work they had to pay out on the car. (Their 100 day warranty is pretty good). The day after it was delivered; I took it to a local dealership and had a pre-purchase inspection done. They found a couple things wrong in the suspension and the in-dash the GPS unit wasn't working right. Carvana covered all of it. At Dealership rates too... It was over $6,000 worth of work for parts and labor and the dealer had the car for 5 weeks! Out the door i had to cover like $200 in fees and a co-pay for "out of network" service center since i didn't go to one of their "preferred" shops. But I doubt their margins are big enough to hand over that $6k to the dealership without a grimace...
@NPAMike
Жыл бұрын
Smart. This is what you should do when you buy a car online. I don't know why people are so hesitant, you get 7 days with the vehicle get it checked out.
@zeemughal86
Жыл бұрын
I did the same thing, they paid out $11,600 dollars of things on my car to the dealership and body shop. It was payed for without any issue from Carvana. Alot of the stuff wasn’t necessarily broken but recommended. My local Audi dealer took care of everything minus the deductible 🤷🏽♂️ I doubt there was a dime of profit.
@aroundomaha
Жыл бұрын
They likely reinsure the repair risks but large claims will impact the rates they get charged for their policy.
@gabrielgalaxygh
Жыл бұрын
Sounds like you gota good deal and they treated you good. You should brag about them
@jponz85
Жыл бұрын
How much did you pay your mechanic to do a thorough inspection ?
@DetroitTintStudio
Жыл бұрын
I had multiple customers say they couldn’t get titles to cars they bought. And when I sold a vehicle thru them, they paid 5k over anyone else without hardly looking at it. Doing this with used cars is so complicated and costly it makes no sense.
@drewh3224
Жыл бұрын
So it is like Zillow when it was overvalued the housing stocks across the board, and caused its own stock crumbled. This type of artificial algorithm based technology businesses are disrupting the true market value out there. For some small towns or cities where lacked of skilled or talented workers in the government jobs, they are simply took the zillow to price their local housing property tax assessments, and they are over assessed. These type companies should be sued, and dismantled for disrupting the real market.
@andrewheng5176
Жыл бұрын
I think the video also attributed some macro elements like a temporary supply chain chokehold on new supply, therefore demand also drove up prices.
@drewh3224
Жыл бұрын
@@andrewheng5176 you have no clue!
@jimwerther
Жыл бұрын
@@drewh3224 AI has limitations. We should have learned that from Credit Default Swaps, if not earlier. But then you're taking things too far in the rest of your comment.
@awilhammer
Жыл бұрын
I had an “ok” experience with Carvana. I got an good deal on my car. I did researched the price before I signed the paperwork. The registration process was a nightmare.
@BigcountryReactions
Жыл бұрын
You are lucky mine was horrible Took almost 9 months to get it registered
@awilhammer
Жыл бұрын
@@BigcountryReactions dam. It took them 2 months to not do it right. I had to go down to the secretary of state to fix it. They did refund the cost to fix it, and an full refund on the registration cost as well. Michigan laws say 15 days. How many temp tags did you have? I had 2.
@BigcountryReactions
Жыл бұрын
@@awilhammer 4. Lol what’s funny is during that time they was sending me emails everyday threatening to repo the car because it wasn’t registered
@awilhammer
Жыл бұрын
@@BigcountryReactions that nuts. I found out though the news technically my temp were illegal because they weren’t Michigan temp tags. Guess by law because they have an Michigan dealer license, and i’m an Michigan resident it’s illegal for me to use out of state temp tags. I had Arizona, and Georgia temp tags. I’m all good now with normal plates, but it’s still good to know!
@rafborrero
Жыл бұрын
Went looking for a car, Carvana's price was $2k higher than many local dealers.
@IRUNU10X
Жыл бұрын
At least 2K higher
@gabrielgalaxygh
Жыл бұрын
Lol go the the dealership by the time you leave you'll pay an extra 5k in fees and warranties and other markups
@lynnmckenney1987
Жыл бұрын
Hopefully carvana crashing means private party used sales will actually get back to reasonable prices. Until then, I'll happily keep driving my $1,000 89 honda civic and getting 35mpg!
@jonathantaylor6926
Жыл бұрын
Save up some cash car prices are going to crash in the next 12-18 months.
@shasmi93
Жыл бұрын
Lol I drive a 2016 Prius I got used for 10k the thing gets 60mpg and I have made thousands of dollars in gig work with it. Be smart and stay modest in life and you will go far.
@lerg12
Жыл бұрын
Same here, I’ll keep driving my ‘07 Crown Vic Police Interceptor I got for 3K over the summer from a small dealership
@chevyhead7274
Жыл бұрын
I’ve been driving my 1996 impala I bought 8 years ago for 2k n im legit going to drive it till the frame snaps cuz these prices in new england for used cars don’t make any sense at all.
@lerg12
Жыл бұрын
@@chevyhead7274 I’m from MA over here, I got lucky with my vic. The prices here are insane
@thunderb00m
Жыл бұрын
Showing Jim Cramer being exited about carvana is as relevant as showing a coked up chipmunk.
@aguyandhiscomputer
Жыл бұрын
Do the opposite of what he says.
@flyingdaytrader
Жыл бұрын
There is literally an ETF now that does just that. SJIM and LJIM.
@jimwerther
Жыл бұрын
@@flyingdaytrader Really?? I was about to comment that there should be such an ETF! I once saw a headline on my newsfeed, something about Cramer being bearish on some stock I never heard of. So I immediately bought some shares, and sold them a day or two later at a profit. No idea what the company does. I intend to check out the ETFs you mentioned. It is amazing that anyone takes Cramer seriously, considering that he is so bad at his job. (Bear Sterns!)
@jimwerther
Жыл бұрын
@@flyingdaytrader I just went onto Robinhood. They have neither SJIM or LJIM listed. Is there another name, or does RH not carry them for some reason?
@lysandertavish1684
Жыл бұрын
"where do you see your company in 5 years" Response: "hey I just want to survive the next 5 days" energy lol
@thesaurusrex7919
Жыл бұрын
I use to work at the inspection center in Haines city Florida. I really hope this company burns to the ground. Awful management and even worse reconditioning team. Would be glad to see the look on their faces when they get that termination letter
@leeler5
Жыл бұрын
I worked as a T3 in PDI, Winder, GA. It was fascinating to see the greed and lack of respect for the customer and the employee the company shows behind the scenes. Burn to the ground!
@BrkDownMedia
Жыл бұрын
I’ve been covering this from 2 years ago…this is probably gonna go down as one of the greatest car scandals in history. Still a lot to uncover.
@kylen6430
Жыл бұрын
How is it a scandal?
@GoZito75
Жыл бұрын
how is this a scandal?
@rickyayy
Жыл бұрын
How is it a scandal?
@BrkDownMedia
Жыл бұрын
@@kylen6430 The guy who founded Carvana, founded DriveTime. There were some background shenanigans he was doing, and they were never profitable with the exception of one quarter. Many customers overpaid for cars, without ever receiving titles and had to file multiple lawsuits against them. It'll come out later.
@petesmitt
Жыл бұрын
@@BrkDownMedia Yep; Ernest García II and his son.
@duancoviero9759
Жыл бұрын
Everybody who needed to make their money already did, especially during the IPO period.
@miamiboarder
Жыл бұрын
My daughter has purchased 2 vehicles over the past 5 years and had no problems. In fact, the last one, a couple of months ago, was delivered and she didn't like it so she returned it within 7 days and they brought her a new one she selected without charging, questions or issues. I would buy from Carvana.
@ViburaBlanca
Жыл бұрын
2 vehicles in 5 years? Using a car for 2.5 years is not good.
@miamiboarder
Жыл бұрын
@@ViburaBlanca One was totaled in an accident.
@ViburaBlanca
Жыл бұрын
@@miamiboarder I’m sorry to hear that
@largol33t1
Жыл бұрын
@@miamiboarder Ouch, at least she survived. It could have been worse...
@arturopuebla4924
11 ай бұрын
@@ViburaBlancadon’t accuse so quick you will look foolish in real situations
@Thatsooraven
Жыл бұрын
I had no issues with them. Got my dream car, and it had a warranty. I used it for a hill assist issue and again, zero hassle. A tech came to the house, fixed the problem. Smooth buying process and got my registration via fedex a week after purchase. I live in South Florida. Sad to see them in such bad light, especially since I had a great experience.
@Max-ve5tu
Жыл бұрын
In an age of marketplace platforms and cutting out the middleman, it amazes me that Carvana managed to attract that many investors.
@oleradiodudea.m.4735
Жыл бұрын
Stupid is as stupid does.
@Haffmatthew
Жыл бұрын
We had a great experience with Carvana- got a good rate for the car we bought, had no issues and amidst the thick of Covid lockdowns, had the car delivered to us in a safe and responsible manner. I get that some had some crappy experiences, but remember that the folks who had decent or excellent experiences may not have posted about it since modern internet culture seems to skew attention towards the bad, the shameful, and the controversy.
@arglebargle5531
Жыл бұрын
A strong amount of negative feedback establishes that going with Carvana could be a risk *even if* some people have positive experiences.
@stevechance150
Жыл бұрын
CARVANA would buy people's car as a trade-in, and they just took people's word as to the condition of the car. CARVANA routinely overpaid people for these cars.
@drewh3224
Жыл бұрын
@@stevechance150 so it is like Zillow when it was overvalued the housing stocks across the board, and caused its own stock crumbled. This type of artificial algorithm based technology businesses are disrupting the true market vlaue out there. For some small towns or cities where lacked of skilled or talented workers in the government jobs, they are simply took the zillow to price their local housing property tax assessments, and they are over assessed. These type companies should be sued, and dismantled for disrupting the real market.
@sirseriously
Жыл бұрын
Same here; I've purchased 3 cars and sold them 4, never had any issued outside of normal used car stuff. My title/registration will actually be here tomorrow (per FedEx) for a car I bought from them two weeks ago. I think the state you live in matters a lot. I hope they find a way to survive, I hate dealerships.
@Haffmatthew
Жыл бұрын
@@arglebargle5531 that’s fair. I am not advocating that others be completely unaware of the potential risks. That’s a good point. I like to simply add my experience to show there’s plenty of positive experiences as well as the worrisome ones.
@mr.darknight416
Жыл бұрын
I just cant buy a used car without inspection, and a test drive. There are so much that can go wrong.
@LCJammer
Жыл бұрын
you literally have 7 days to try it before u buy lol.
@craigbridge6538
Жыл бұрын
No kidding.
@uptowndann109
Жыл бұрын
They paid msrp for my used 2021 in December of that year. One of the few times to be able to make a profit on a used car as a consumer.
@theproffessional9
Жыл бұрын
Classic case of greed, they bought too many cars and wanted to sell them at high prices, and now they can't afford to do that anymore. I don't feel sorry for any company that participates in price gouging and screwing over the public.
@FinancialShinanigan
Жыл бұрын
Knew they were in trouble when reports came saying they were buying cars sight unseen because used car prices to the moon!
@andredenegri8633
Жыл бұрын
Interviewer: "Where do you see yourself in 5 years?" Chief Executive: "[a 5-year plan] is just a distraction..." Wow, run away from this stock at all costs
@markb8549
Жыл бұрын
I bought a car from Carvana in Nov 2022 and it turned out to be a lemon- completely undrivable. It took me a month to get my old car back between fighting with them and the mechanic, leaving me hundreds of dollars in debt having to ride-share and renting a car to get by.
@pennysworld8189
Жыл бұрын
What car was it?
@At9ra
Жыл бұрын
@@pennysworld8189 He won't go into specifics. Probably a bot account.
@markb8549
Жыл бұрын
@@At9ra actually I’m not a Bot, but I appreciate your concern. I don’t check KZitem very often but I reply when I can.
@markb8549
Жыл бұрын
@@pennysworld8189 it was a 2014 Chevy Sonic. There were apparently issues with the breaks from the start- I drive the car a couple of miles tops before the car seized up.
@thanosianthemadtitanic
Жыл бұрын
@Mark B that's not really carvanna fault, old chevy sonics are terrible cars to begin with and have history of problems. Same with that same model year chevy cruze
@CaptainAstronaut
Жыл бұрын
I bought a car from Carvana in March 2022, and didn't get the hard tags until October 2022. I'm still just so confused why it took them 7 months to deliver me the tag for it.
@theone9705
Жыл бұрын
If you want to buy a used car, get it from a person, not a dealer
@guardianoffire8814
Жыл бұрын
There more risks involved with buying directly from another person than through a dealer. It could be a trap by criminals.
@theone9705
Жыл бұрын
@@guardianoffire8814 Do research, meet in a public place, bring someone with you, most people I meet are decent people & had no safety issues
@KingTriton1837
Жыл бұрын
That's a gray area. And there is always a risk of something going wrong with a used vehicle, no matter who you buy it from.
@oleradiodudea.m.4735
Жыл бұрын
What or where do private parties provide warranties to eliminate risk? They don't!
@theone9705
Жыл бұрын
@@oleradiodudea.m.4735 You trust a used car salesman? The only reason you talk to one is if you know him personally for many years & trust him
@ganjacats
Жыл бұрын
Reputation absolutely contributed to their sales slowing. I had 3 co workers all have the same issues with registering their cars MONTHS after purchase.
@Captain_tame
Жыл бұрын
Changing title takes about 2 mins online here in the UK - is it still paper in the US or are they just overwhelmed by volume
@ganjacats
Жыл бұрын
@@Captain_tame yeah we still have titles on paper. You bring them into a designated government ran building that handles anything legally dealing with cars. It’s called the DMV. The lines are super long and the workers move extremely slow because it’s a state job and they know they won’t get fired, lol. It’s lame
@electrictroy2010
Жыл бұрын
Incorrect. Dealers can issue titles right on the spot. It’s all done electronically (same way we process personal checks) .
@electrictroy2010
Жыл бұрын
The only “wait time” is for the DMV to replace the Dealer’s temp title with a permanent one (a few days)
@electrictroy2010
Жыл бұрын
Also in my state we have private businesses that handle titles. Or the AAA auto club. I haven’t visited a govt-owned DMV in decades
@cmtruth20032012
Жыл бұрын
Now who being a RICHARD!!!!! Pozi scheme family business! Look who one of the top 5 richest people in Az. Connect the dots!
@sabrinay9430
Жыл бұрын
I had a good experience with Carvana. Being a single woman going into a traditional dealership was intimidating to me, so being able to buy my car online was awesome. I just don't like the financing company they used, Bridgecrest
@JR-pr8jb
5 ай бұрын
I'll say just this: I will NEVER, EVER, EVER set foot in a regular auto dealership (i.e. criminal enterprise), to be subjected to their humiliating and deceptive "haggling" game. That's based on personal experience as a dealership employee.
@sboutlaw2007
Жыл бұрын
Give me a break, Carvana was in it to try and make money be getting borrowers to purchase vehicles through their financing. Carvana was overpaying for vehicles not inspecting those vehicles and then trying to sell those uninspected vehicles to the public. I attempted to purchase two vehicles from Carvana, neither vehicle was as described on their listing. Both vehicles had electrical issues and one had a crack in the front fender. I would advise anyone to stay far away from Carvana.
@baldeagle4710
Жыл бұрын
would you recommend people sell their car to carvana or shift?
@pranaym3859
Жыл бұрын
@@baldeagle4710 Sell to carvana but don't buy from them
@knoahbody69
Жыл бұрын
Yeah, there's an old saying. Behind a great fortune there is a great crime. Cars are kind of a scam. A car is a depreciating asset. Real estate always gains value due to inflation. If you take out any loan on a car, the loan will be more than the car is worth. Inflation makes it less valuable.
@electrictroy2010
Жыл бұрын
Real estate also gains value due to scarcity. The US population since 1900 has increased from 70 to 370 million. But available land to house those people has remained the same. That creates scarcity
@AlexKingCreative
Жыл бұрын
I bought a Tesla Model 3 from Carvana. I went 433 days without registration. The company is wildly incapable.
@unknown-user
Жыл бұрын
What happened to Carvana is reduced to two words: bullwhip effect.
@gian19791
Жыл бұрын
Temporary short term ups 😂😮 after pandemic 😅reality struck
@xcaliberVirus
Жыл бұрын
Sold my camaro to carvana in November of 2022. They easily gave me 4k more than any other place. I just wish they sold new cars as well
@awilhammer
Жыл бұрын
I got an onmost new car. An 2020 Kia with 7k miles. The car was an year old when I got it.
@petesmitt
Жыл бұрын
Things have gotten so bad for Ernie Garcia III, founder of Carvana Co., that his share of wealth lost this year is second only to Sam Bankman-Fried. The fortune of Garcia III has tumbled by $6.7 billion this year to $119 million, according to the Bloomberg Billionaires Index. It tumbled $87 million, or 42%, on Wednesday alone as shares of the Arizona-based online car seller plummeted after its largest creditors signed a deal to act together in potential debt-restructuring negotiations.
@jyg4883
Жыл бұрын
They are crashing for sure. I recently bought a 2002 Honda Odyssey with only 116k this year. Was in mint condition and got a deal from my coworker for 4k. I listed on Carvana for fun to see how much I will get it for. They offered me $100.00.
@twicenightley
Жыл бұрын
The owners son of Drivetime had a vision of burning people to better himself. Why did Carvana buy Adesa auction for over $2 billion the same week they laid of thousands? Because Adesa makes $500-$1,000 each car they sell (they pay nothing to consign a car so no cost for inventory) to dealers and wholesalers. Dealers and wholesalers don't complain and just fix the vehicles themselves unlike consumers. Once I saw them purchase Adesa for $2.2B and layoff thousands of people the same week, I knew they were jumping ship.
@JMast
Жыл бұрын
They took every car at the auction lol
@TheALEXiSounds
Жыл бұрын
Lol these guys offered me 7k for my 2017 Nissan with a busted transmission. No wonder they're going out of business.
@awilhammer
Жыл бұрын
They often me 10,500 for my 16 Chevy with 53,000 miles and minor body damage that I never fixed. Paid off my loan, snd 1,500 down payment
@causeofgehenna4501
Жыл бұрын
This business had its license suspended in Illinois and has several broke laws, like in Michigan. Thank goodness it will go the way of the DoDo. A car from a vending machine. . ? Really!
@fyro79
Жыл бұрын
I've heard a lot of bad things about Carvana's business practices. Customers not receiving the titles on cars being one of them. I guess it's similar to putting money in a vending machine for a candy bar and it doesn't come out.
@bangmain5355
Жыл бұрын
Dude said "FIVE YEARS 😳😳?! BISH, I don't see myself coming to work tomorrow!"
@comfy950
Жыл бұрын
If you create a profile on Carvana you cannot delete it, and they will not delete it for you even you ask. The answer is a straight up "no". I was told that if my account goes inactive for 45 days then it will cease to exist. That was a while ago and I haven't signed back in to test it because I just know that once I do my account will still be there and I'll start receiving marketing emails and seeing car ads everywhere. I REALLY did not appreciate when they told me they wouldn't delete the account for me. Maybe Stanford needs to upgrade, or start teaching, customer service curriculum because many of their graduates start businesses with a serious blindspot in that department.
@CensoredVA
Жыл бұрын
They sold a stolen rental car! If you think a company that can screw up at that level can "get better" you deserve to lose all your money!
@DASamX5453
Жыл бұрын
I bought my car from Carvana about a year ago after I had a accident hitting a deer and totalling my other car. I needed a car quickly and nobody else had the civic I was looking for. Bought my car from them and have not had a problem ever since...much easier and better than a dealership fir me. A lot of the problems with them seem to come from people with bad credit...I have excellent credit and had no problems setting up financing and making payments..it was a smooth transaction and I love Carvana...
@ADKaizenProductions
Жыл бұрын
When I watch these senior leadership talk fake about their "goals and future" they know the ride is over. They made their millions. Time for the company to flounder and the laying off of hundreds of people, just so a handful of guys can make big money.
@lorestam4101
Жыл бұрын
Starting early is the best way to move forward building wealth, investment remains a priority. The stock market has many opportunities to earn decent payouts, with the right skills and the right understanding of how the market works.
@Connorhaynes
Жыл бұрын
you are right the importance of multiple streams of income sadly having a job does not mean finances freedom or security
@Connorhaynes
Жыл бұрын
talk about having succeeded. I know I am blessed otherwise I would not have met someone as spectacular as Mr Alexander Griebsch
@nikedwinurfadilah5694
Жыл бұрын
I've stuck through my investment with him, I'm so glad I invested when I did. I make $25,000 weekly with it
@nikedwinurfadilah5694
Жыл бұрын
Investing is the fine line that separates the rich from the poor.
@nikedwinurfadilah5694
Жыл бұрын
I totally agree with you on that,
@jmWhyMe
Жыл бұрын
Quite simple. I would have been a victim of them except I had a great lawyer. They were selling cars they didn't hold the titles to. This was the case in my story. My lawyer did her thing and I got all my money back. But people who didn't get a lawyer lost all their money....
@kayrenee2652
Жыл бұрын
I had a great experience with Carvana with no issues at all with the vehicle I purchased or the process, and I would buy from them again, if needed. I do hope everything works out for them.
@largol33t1
Жыл бұрын
They are on borrowed time. The two vending machines around where I live have been torn down. The brand cannot sustain itself because of how loopy their inventory and acquisition is managed. How can you make money when you overpay for something and sell it cheap? That's the experience several people have mentioned in the comments. They said it was insane what Carvana was paying for their cars just to fill inventory quotas. And the constant comments about dodgy inspections, lack of proper registration, paperwork, etc. are what drove me away from the vending machines in the first place. I'm not going to waste more money paying for all of those necessary inspections when Carvana should have done it themselves. Every physical used car dealer USUALLY inspects and fixes up their inventory prior to selling. I can't trust Carvana to do that every time despite their refund claims. The brand will not survive, their stock is worthless and their vending machines are impossible to find.
@broeheemed32
Жыл бұрын
Here's what I know about Carvana: Their prices are NOT low...... in fact, they're considerably higher than the cars are worth. The cars are rarely exactly as they were represented to be..... in some cases a completely different car than was bought. They DON'T deliver "from coast to coast" unless you live in a city with a million or more population. The cars are NOT delivered on time...... and once you've paid, they make themselves very difficult to contact. So as it turns out, they're nothing like they advertise themselves to be. I can't imagine having to deal with them..... especially if you want to return a car.
@charliesteadman9397
Жыл бұрын
Carvana was a great place to sell your used car and make a decent buck in the process, but buying an overpriced vehicle from them and having to deal with a PITA registration process is simply not worth it. How can they not even handle the basics of providing the car title or registration to the new buyer? There's a class action lawsuit open against Carvana for a reason.
@largol33t1
Жыл бұрын
Damn, imagine being sued by your customers because you're too lazy to do what everyone else in the car business KNOWS is necessary. Carvana's management make no sense. Plus how the freak can you even survive if you buy a car for too much and resell it for cheap?
@1mlb704
Жыл бұрын
Imagine trying to buy a used car without seeing, touching, smelling, or driving it first. They also don't let you get it looked at by an independent mechanic before buying. Buying a used car from Carvana is about as dumb as buying a house without an inspection.
@TheOriginalRasheedat
Жыл бұрын
I just got a car from there. Had a great experience! They did the registration on time too!
@teresaalford5978
Жыл бұрын
I would never pay these used car prices now, your better off just buying a new one
@otakuka3077
Жыл бұрын
I had mine appraised in 5 minutes online. Lady came over 2 days later, drove it around the block like 45 seconds, handed me a check for 10k and took the car an hour later. It was such a weird experience.
@davidreykbeatz
Жыл бұрын
I just sold my car for $32k, dealerships were offering me $22k!!! My car was basically new only had 9k miles and 2021 at that. I think big corporations/ dealers and car dealership salespeople are mad carvana came in the picture!!
@ike7539
Жыл бұрын
I owned 25 cars in the past 20 years, both for personal and business use. Only one of these cars was new from a dealers lot. It was a 2006 Honda CRV with almost $22k ticket price that I paid $19500 and with tax and finance charges it was $27k out the door. After seeing this huge difference in numbers I started buying private party cars, mostly off of Craigslist and sold thru CL also. There are very nice and honest people around. I don't like dealers! I would not care if they all shut down. Same applies to Carvana and sorts too
@cormaro13
Жыл бұрын
🤣 dealers will never go away, individuals don't have the licenses to bring those cars in/ have the inventory on hold, good dream tho lmao
@ike7539
Жыл бұрын
@@cormaro13 ...said mr dealer
@cormaro13
Жыл бұрын
@Ike I mean it's true, most individuals are buying cars from the auction underneath the dealer and then reselling it lol so now they're dealer of used cars, so yea dealers will never go away even if u buy from a individual lol
@ike7539
Жыл бұрын
@@cormaro13 The cars I buy from individuals are NOT the ones purchased from auctions. I buy from people who bought and drove those cars for themselves and decide to sell them. I don't buy cars from people who want to make a profit from an auction-purchased car. Also, when I buy a car I don't ONLY look at the car! I look at the people/owners... shady people, pushy, greedy, aggressive salesperson types of people are not on my list to make a deal. I do not buy their cars! I know, unfortunately, dealers will not go away. I said I do not care if they all were to shut down. I hope this explanation will help you understand my way of purchasing cars 😁
@cormaro13
Жыл бұрын
@Ike must be lonely at home to have this much time to type lmao, I was just saying the dealers will never go away cause everyone is themselves a dealer at the end of the day when trying to get rid of the car, like a catch 22, any individual selling a car is trying to make a profit if not they would've taken the dealership offer lol
@jcc455
Жыл бұрын
The key takeaway here is; don’t listen to anything Jim Cramer recommends.
@FXAllThingsFun
Жыл бұрын
yep echo what others already have said, when we sold both of our cars to Carvana last/this year there was no serious inspection whatsoever when they came picking up the cars. We took care of our cars but i can image it goes horribly wrong with the wrong kind of sellers
@coachcosta69
Жыл бұрын
Timesplitters 2 sound effect around :30 seconds. When someone catches on fire lol
@auro1986
Жыл бұрын
used cars became expensive for customers in inflation is what happened
@xinjinping8113
Жыл бұрын
I was about to buy a car FROM them, 50k saved....
@ahotdj07
Жыл бұрын
@7:37 - Give me a break. I can see if there were isolated times where the title was late. But you keep hearing over and over and over again the number of people that are unable to obtain their title. Meanwhile, Carvana keeps issuing temporary plates, usually from a different state.
@BigcountryReactions
Жыл бұрын
Took me 8-9 months to get mine
@allenwiddows7631
Жыл бұрын
Yeah, class action law suits over titling issues is a pretty clear indication that title problems aren’t just “isolated.”
@BigcountryReactions
Жыл бұрын
@@allenwiddows7631 I’m just waiting for them to file bankruptcy then I’m gonna get my truck for 1/3 of what I owe lol I’m just gonna offer a lowball cash offer
@Stack-hr5xn
Жыл бұрын
Wait this didn’t work? No not them, can’t be!
@davidtucker3538
Жыл бұрын
There is no room for negotiation in carvana. The used cars are often priced more than new cars in the market.
@hipsterkennyrogers909
Жыл бұрын
I always finance through my credit union, even if I'm ready to pay cash. Here's why: The credit union issues a conditional draft to the dealer. The draft essentially says, "Deliver the proper and clean title to the vehicle and then we'll give you the amount of money on the draft." So they don't get paid until a good title is produced. I'll make payments for 6 months so the credit union gets some return on the deal, then pay it off and get my cleared title.
@joes3534
Жыл бұрын
Caravan was one of the reasons why car values went up. They caused it to do that. The main problem I think they had was they couldn't catch up to the demand. I work in the car business. I can tell you around 2021 before car values went up crazy, Carvana were bidding everyone at auction, they were buying crazy when no dealer could over bid them, They made tons of money on those cars, but they were too confident with paying high for trade ins as well. If they had organized their team better and expected the business to shoot up like that. They would be doing much better now, especially after buying ADESA. They can sell all their trade ins there as is, avoiding all the inspection process. They got greedy.
@largol33t1
Жыл бұрын
Their business model wasn't sustainable: buy high and sell low. You'll lose the shirt off your back. There are tons of comments on this page about Carvana paying hilariously over what the car was worth just to stock their inventory to meet demand that was never going to stay high.
@rcdriver107
Жыл бұрын
There is absolutely positively NO such thing as unlimited growth or unlimited prosperity! Borrowing too aggressively only hurts in the long run - there is NO such thing as good debt at all! One can only spend more ONLY to a certain extent and then spending should logically go down on the slopes to sustainable norms. It is only wise and logical to plan conservatively, starting with reducing the amount of money borrowed and paying off existing debts. On top of that, restoring cash reserves would also be wise and logical.
@maksatosmon
Жыл бұрын
i-Buying (robot) didn’t work for stocks, homes, cars, and pretty much for all major industries. Seems like the robot AI is too early or it doesn’t work at all.
@Mr.DMZ.
Жыл бұрын
I bought a car from Carvana before they went public and had a real good experience. Shame they went downhill
@yourshyness32
Жыл бұрын
Same here!
@baldeagle4710
Жыл бұрын
they are majorly lowballing now...is this normal? their offer was insulting to me
@JohnSmith-dk7th
Жыл бұрын
Why would anyone buy a car unseen ?
@Mr.DMZ.
Жыл бұрын
@@JohnSmith-dk7th they offered 7 day trial. Don't like it for any reason they would've picked it up and money back
@zinncomicsandart8811
Жыл бұрын
As a mechanic seeing the way they buy cars , and the way they sell cars without being mechanically inspected ,as well as not having a dealership to take your car to for problems you encounter , it astounds me that anyone would buy anything from them .... Ever .
@largol33t1
Жыл бұрын
You described my fears and why I avoided them. It makes no sense how their business model was put together. There was no PHYSICAL support network in the form of dealers to support the cars such as a place to get them fixed under warranty. I just don't understand how they thought this model would sustain itself.
@gifford1984
Жыл бұрын
I love Carvana. They are a great company. I bought a car from them
@clowny400
Жыл бұрын
Realistically, if I bought a car from them recently and they end up going under, what could happen? I assume another lender takes over , but Rates changes or any recourse?
@Michael-st9ky
Жыл бұрын
your loan is an asset that can be sold to the highest bider. Your contract should have details about any clauses that mention changes to your financial agreement, repo, and if they can request payment in full at anytime. if you have no contract they/you can do what ever they/you want and go to court.
@fonsavan
Жыл бұрын
I worked at a software company that was looking to integrate our reconditioning tools into their ecosystem back in 2019. They hired anyone to check boxes with pen/paper for their safety and reconditioning process using both on/off-site vendors. Chaos. Their DMV process for title transfers was set-up for negligence. Why were titles not being transferred?? - Simple. They weren't paying off existing liens to roll the money for more units, operations and false reserves.
@ramezwissaful
Жыл бұрын
The stock might drop a little more but this company will survive and they will come out much leaner and better. They changed the used car industry for the better. By the way, CNBC titling this "The Rise and Fall" like it already failed is stupid, there's a lot more for this company to do
@robertagren9360
Жыл бұрын
It'll go from used cars to used EV as the EV will cause a new headache that people are buying and dumping. Nobody want to buy a broken EV. ICE are mainly metal and not acids. We have no plan how to handle waste and recycle EV's , a Finnish EV owned exploded his EV into pieces as replacing the battery costed more than the car.
@zonkar
Жыл бұрын
It’s over
@henryd1981
Жыл бұрын
I would say they have fallen. However, they could still rise again. Just because a company falls on hard times doesn't mean it's permanent.
@jimwerther
Жыл бұрын
@Ramez Wissa If I knew you were correct, I'd buy a bunch of their stock (currently trading at $4.04). But while some believe as you do, others are convinced that they're toast. What do I know? They _do_ have a bunch of cash, so that helps.
@skimanfree1073
Жыл бұрын
Sounds like you are a stockholder. Good luck!!!
@crisperez580
Жыл бұрын
Is it me or does Michael Wayland looks like Brendan Fraser
@patrickm6000
Жыл бұрын
my youngest bought a car from them. It was literally the worst customer experience I think I've ever seen. I would never deal with them again nor would I recommend them to anyone I know.
@kelj4517
Жыл бұрын
What happened to Carvana? Over priced and who is going to buy a damn car out of basically a vending machine! I seen this coming when I seen the ridiculous prices of their used cars!
@singloc3021
Жыл бұрын
I've bought a car from Carvana and I was extremely happy with the entire process. I've noticed one thing that the company has never seem to have corrected on their site. I have actually complained to them and still, this happens. That's pictures of the interior of the car you're interested in. Specifically, the manual transmission cars! I only want to drive manuals so when I click on "more filters," "transmissions," and "manual," I get cars with that preference. Yet, every photo I look at shows an automatic transmission (shifter). That's very deceptive and all photos are supposed to show the actual interior of the car you're potentially buying (unless it states stock photo). They are basically showing you a different car!
@ctrlaultdel6608
Жыл бұрын
Bait and switch.
@dangolfishin
Жыл бұрын
I've bought 2 cars from them and did not have that experience. All the pictures were of the car i bought
@markowens9242
Жыл бұрын
Both Carvana and Stealerships should be deleted
@mdsk4
Жыл бұрын
Illuminati (KZitemr) has a Corporate Casket episode about Carvana. If you wanted a little more of a deep dive into the owners and business practices.
@gravestone9831
Жыл бұрын
Well that was fast...
@slouischarlesYT
Жыл бұрын
"You just fired us in a zoom meeting and said 'have a good day' at the end," one Twitter user posted. "I am so disgusted by how this was handled." Another user posted that an email preceding the Zoom call had caused "mass hysteria at 7:30 a.m." because it didn't indicate who would be affected by the layoff.
@gordonb8052
Жыл бұрын
The problem is that the stock market is no longer about investment, its about speculation and instant $$ like a casino or sports bet. Stocks today don't correlate with the company performance or earnings reports. For the most part its all speculation about the future release of a product or how the company *could* change the world.
@robertagren9360
Жыл бұрын
Now you know why interests have an impact. It's all a lie. Stocks are debts. The company make loans to make them look better. They have become China and the central bank owns them.
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