Carvana Stock Rout Hits 97% This Year With Used-Car Prices Crumble
(Bloomberg) — Online car dealer Carvana Co.’s shares are careening toward an all-time low as investors grow more concerned about the continuing decline in used-vehicle prices.
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The price of the company’s stock fell as much as 14% to $6.90, on pace to close at a record low. Carvana, which was once touted as a disruptor in the used-car dealer industry for its online sales, has seen recession-wary investors flee this year from risky and expensive growth…