Car Retailer reached a Market Capitalization of around $60 Billion
Throughout the coronavirus pandemic, several factors propelled Carvana’s business forward. At its peak in August 2021, the online used car retailer reached a market capitalization of around $60 billion. By the end of the year, it was ranked just behind behemoth CarMax as having sold the largest number of used vehicles that year. Carvana even became one of the youngest companies to make the Fortune 500 list. But since then, Carvana has struggled. The company’s future now seems in question, as it faces ever increasing competition and an uncertain economic outlook plagues consumers.
Credit to : CNBC
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