Carvana, the 'Amazon of Car Dealers', Is in Deep Trouble

Carvana, the 'Amazon of Car Dealers', Is in Deep Trouble
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When Ernie Garcia spoke with analysts during Carvana's earnings call last month, the company's chief executive officer said the used-car retailer's first-quarter had been "challenging." "Some quarters are bumpier than others," Garcia said, according to a transcript of the call. The company had just posted a "confidence shattering quarter," in the words of J.P. Morgan, as it reported a wider-than-expected loss of $2.89 a share, much higher than the FactSet's expected loss of $1.44 a share.