Carvana Just got CAUGHT | Episode 1003

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It's noon here in Ventner City, New Jersey, and New York, New York.

And this is Car Edge Live for Thursday, January 29th with your host, me, Ray here in Frigid

Ventner and Zach, well, in Frigid, New York.

I hate to say it, but apparently we're the Frigid twins.

How are you?

That doesn't sound right.

How are you today, handsome?

I'm doing well.

Thanks, Pop.

Hopefully, the audio is okay.

Let me know in the comments down below.

Carvana just got caught.

That's what we're going to be talking about today, and we'll do a little bit of the used

car market update as well.

First things first, today's show is brought to you by caredge.com, a friendly reminder

that for the past six years, my dad and I have been working on caredge.com.

If you're in the market to buy a newer used car or you want to save some money on a warranty

or insurance, check out caredge.com.

We offer a car buying service that takes care of research, dealer outreach, and even negotiation.

We learn what matters to you.

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Back at caredge.com.

Dad, the big story this morning.

Before you start, may I say that this morning, you and I spent a few minutes with a couple

of hosts at WGN TV in Chicago on their morning show discussing car buying strategies.

I just wanted to compliment you on what a wonderful job you did and what a pleasure it

was to hang out with those good folks in Chicago this morning.

I thought it was one of my dad's best media performances ever.

He was really funny and witty like he always is and gave a ton of great advice.

We will have that clip up here on the caredge live channel as soon as we get it.

What an honor to be on WGN.

We've already gotten so many messages from people who saw us this morning that it's been

really sweet, really, really, really cool to see.

Yes, thank you to WGN for having us and again, a tremendous honor and a privilege.

It's all because everyone tunes in here and supports our business that we get to do these

things, really, really cool.

The big story this morning, dad, Carvana shares plummet 14% after a report by a short

seller, this organization called Gotham.

Now, here's the deal, dad.

This show is not financial advice.

We are not providing today any insights into the stock market and things like that.

That's neither my expertise nor my father's.

This channel is all about the car market, car buying and things that go on in the auto

industry and this report, dad, from Gotham is damning to say the least.

Let's start here.

Do a little table setting here, dad.

Why do we have, we had Hindenburg Research last year, which has disbanded.

We have this organization now come out with this report.

Why are these companies going after Carvana?

I'm going to lead with, it's probably because there's no other car dealership group out

there that's ever been worth $80 billion, but Carvana is.

Why are folks going after Carvana here, dad?

I can't get into the minds of others as to why they do things.

My suspicion would be, and this is merely a suspicion and my opinion only, my suspicion

would be is that when you look at the trajectory of Carvana and how they lost money for years

and years and years and years and were three years ago near bankruptcy, the stock was trading

I don't know, $3 a share or less.

There were many people who predicted that because of their, the amount of debt that

they had taken on to buy Odessa and other things, that they were doomed and yet somehow

they have risen like a phoenix from the ashes and they have grown their stock, I don't know

what is it, $450 a share or something like that today and my suspicion is that there

are those who probably believe that there is some accounting hocus pocus going on and

that's why they would be looking into it, I believe.

Yeah, but if I made that, I'm going to take a pretty strong stance here.

The reason that people take this hard look and sharp look at Carvana is because they

make three times the amount of gross profit per vehicle sold than any other car dealership

group in the world.

That is also the proxy for why their stock price has done so well.

See, the core of this, the real core is that Carvana has found a way that no other company

has found to make three times as much money.

They make over $5,000 per used vehicle sold, the average used vehicle gross profit that

keep me honest here, right now it's like what, $1,500, maybe $2,000 if you're lucky.

They did something that no one else has been able to figure out.

That's why I think they get the scrutiny they get and which if they got caught today by

this Gotham, we're going to show some of the information here in just a second what they

got caught doing, but that's the crux of it.

Well, when you realize prior to figuring out the secret sauce that their profits, their

profit per vehicle sold was lower than anyone else's in the industry that were publicly

reported that it is, yes, it becomes hard to fathom that a company that languished for

years with average profit per vehicle sold of $1,250 or so could suddenly figure out how

to get that number into the $6,000 range.

Which we clear is a bit of like a warning for consumers, like if you're going to buy

a car from Carvana, which everyone knows this, you go to CarMax, you go to Carvana, you are

paying a premium because you're getting a differentiated experience, you're getting

an experience where as a customer you are not having to negotiate.

Hey, the CarEdge team was here, they're going to put bags down, is that cool?

Yeah, that's fine.

Guys, come put your bags down.

You can say hi to everyone on the live stream too if you want.

Go for it, go for it.

They're going to put bags down, but we're going to continue here.

So that's the big...

You can put bags down, you're good.

So that's the big story, Dad, but let's actually pull up the article here.

We're going to see a bunch of people behind me in a second.

Say hi.

Everyone shy.

Yeah.

You're at intermission while we're live on YouTube.

There's justice in real life in the flesh.

There's Jeremy.

Hey, is anyone wanting to meet Jeremy?

There he is.

We're working to pull up the article here.

Yeah, we've got people here in New York today.

We're going to pull up the article here, Dad.

The big story is very clearly this, which is drive time, Caravana, and then another

company, Bridgecrest, are all owned by the same people.

And who are those people pops?

Would that be the Garcia's?

That would be the Garcia family.

And what's interesting here is when you start to look at the relationship between these

three companies, Zia Justice, Zia Phil, when you start to look at the relationship between

these three companies, you could leave it open.

That's fine.

Yep.

When you look at the relationship between these three companies, you've just got money

moving around.

So for example here, Gotham published financial statements that showed the operations of privately

held sister company drive time automotive burns through a billion dollars in cash over

2003 and 2024 coinciding with the transformation and profitability of Caravana.

Interestingly, Dad, you continue to look down here a little bit further.

Wait for it.

Historically loss making Caravana turned profitable in 2023 and generated 1.4 billion

in adjusted earnings before interest appreciation and amortization in 2024.

So in the same year that they made 1.4 billion, the other sister company lost an additional

billion dollars.

That's the first little yellow flag here.

Yeah.

You think?

I don't...

You might call it yellow.

I believe Gotham would call it red.

And yeah, it is amazing to me.

The numbers games that can be played when you control all three of the entities involved

and you can take something from one entity, ship it over to the other to show that entity

being profitable while you're taking a loss from the first entity.

It is, I guess, a perfect example of how to utilize IRS tools to minimize taxes due and

to make things look better or worse for whatever particular company you want them to look better

or worse for.

Yeah.

I don't think it's so much about IRS rules and taxes that I think it's financial engineering.

Here's another example here.

You've got Gotham reporting.

So Carvan is a company, Drive times a company.

There's a third Garcia controlled company called Bridgecrest.

They are the ones that administer loans that they offer to customers.

These are those things that are then packaged and sold to financial investors according to

the drive time disclosures.

Now look at this step.

Gotham highlighted in its report that in 2024, Drivetime financed the cash outflows from

its business by issuing debt which rose by $800 million during 2024 to $4.3 billion.

So again, you've got Carvana becoming profitable to the tune of $1.2 billion.

You've got additional debt structures and financing maneuvers.

This is what gets a little bit nerve wracking for those of us that look at this company

and say like, is this sustainable?

And again, the reason they have this scrutiny is the fact that they make more money than

any other company on these vehicles.

Now it's starting to become a little bit more clear if what Gotham has presented, which

to be clear, this is not financial advice to me and my dad are not forensic accountants.

We're just reporting on what comes out in the news and sharing our two cents on it.

If this is true, then Carvana is making a lot of money on these cars, but it may not

actually be so expensive for the customer because where they're making the money is

on the financial engineering, the loan repackaging, the selling of that stuff.

It just makes me scrutinize Carvana a little bit more, dad, when I see a report like this.

How do I say this?

I have always had my suspicions about Carvana and those suspicions were based on when they

were overpaying for cars and then their average gross profit per used vehicle sold was about

$1,250.

And suddenly they figured out a way to literally, I don't know if it was the third quarter or

second quarter of last year, where the average profit per vehicle sold the way they accounted

for it was over $6,000 and I don't know how you go from being the worst used car operator

as far as profit per vehicle sold to the absolute best world class standing profit per vehicle

sold that Carvana suddenly did.

And my suspicion has always been that they didn't and that you can't and that you don't

and that you can make it appear as if when you use, I don't know, non-conventional accounting

ways to account for money in my opinion, okay?

This is strictly my opinion and so I've always been suspicious of a company that never made

a profit, had one profitable quarter in its entire history, bought a Tesla, took on billions

upon billions of dollars a debt, nearly died through bankruptcy and then suddenly figured

out something that no one else in the history of the automobile industry has been able to

figure out the way they have it.

It's a question for you, Dad.

Let's bring this back to, if I'm a car shopper, this influence your decision to work with

Carvana.

When you see these things come out and they may make you question a little bit how they

are able to accomplish what they're able to accomplish, should that change people's perspectives

on selling a car to Carvana, buying a car from Carvana, what do you think there?

If their checks are good and they're willing to pay more for your car than anyone else,

then sell your car to them.

If you prefer the sales practices at Carvana to your local used car dealer or new car dealership

where the price is the price and it's very simple and it's very easy and basically just

about everybody can get a loan because their loan standards are that if you make $5,000

a year, you can qualify for a loan through them.

If you prefer that shopping experience until this ever really collapses, then do business with them.

If you have suspicions about what it is that you're buying from them or how much you have

to pay what it is that you're buying from them and pay for it, then buy all means go somewhere else.

I want to pull up a comment, Dan. In your opinions as Carvana, a reputable source

to use when negotiating a car trade-in, absolutely. I think to be very clear here,

if you're going to trade in a vehicle, you're buying in your car and you're going to trade in

your car or you're just going to sell a car, our advice has always been and stays the same,

get multiple quotes from multiple people and see who's going to pay the most. To be clear,

the person or the company who should pay the most will most likely be, if you own a Toyota,

for example, your local Toyota dealer is going to be the one that's going to pay up the most

because they can certify it, potentially they can sell it at their lot, etc. Getting a Carvana

quote, a CarMax quote, Sonic Automotive has Echo Park, getting those quotes is easier than ever

before. Even amidst all of this, Carvana getting caught. As far as Gotham is concerned,

they did get caught. As far as the Financial Times is concerned, they did get caught.

You should still think about selling your car to them, absolutely. Buying a car from them?

I think that's a little bit more questionable, only in part because there's all the data that

they put out there to their investors saying, we make more money than anyone else. As a customer,

why am I going to want to choose to shop from the business that makes the most money? To be

clear, they have a very differentiated customer experience, which is also why, to be clear,

we charge $999 for our car buying service at CarEdge. You get a very different experience.

It's a premium price point, a premium experience. As a business owner, I can see it from both sides,

but just a P burns question, good to go. Absolutely use their quotes for your leverage.

Let me ask you a silly question. When you had your Volvo S90, who offered the most for it when

you went to sell it? Carvana. I've sold a car to Carvana. Yes, there's an article on our website.

There's YouTube videos documenting the whole experience of selling a car to Carvana. It was

easy. I have the utmost respect for the people who have built that business, the operators of

that business, because selling a car has never been easier than selling at the Carvana. CarMax

has also done an incredible job as well. They've made it so that I can just, done, done. It's

incredible what they've been able to deliver. In our opinion, use Carvana to get quotes for

your car so you have a better understanding of what your vehicle could be worth in your

market area, because you have to realize that every part of the country is different. What value

gets ascribed to a car in Phoenix could be significantly higher than what gets ascribed to

a car in Buffalo, New York. There could be any number of reasons for that, but whether would

be one of them, because one vehicle would be subjected to salt on the roads in the winter,

and the other would be subjected to, well, sunshine basically on a daily basis.

You have to know what the market is in your area. One of the best ways to do that is

utilize the online quotes that you can get from Echo Park or CarMax or Carvana,

and use that as a tool to get the most for your car from the dealer, where you might be trying to

trade it in at. Now, we also have back at caredge.com slash sell. You can get some offers there as

well. Now, let's turn our attention to the other side of both Carvana and CarMax, as in quite

frankly all car dealers' businesses, which is selling used cars. We talked about this a couple

weeks ago. CarMax promises price relief for used car customers. I'd actually, if you're up for it,

I love doing this. Let's do a little bit of a live experiment here. Let's find a vehicle for

sale over on Carvana.com, and let's look at the market conditions to see if they are priced fairly.

We could also do the same thing here for Carvana. As we begin doing this, I will pull up. We have

the latest mid-January manhine, which is the used car auction report, and this shows that used

vehicle prices actually have ticked up a little bit. We are starting to see used car prices tick

back up, which is concerning, to say the least, because used car prices are not affordable right

now. They continue to be sky-high. I'd appreciate your commentary here, Dad. As you're doing that,

I'll head over to Carvana. I think what we're seeing on the used car side of things, especially at

the auctions, we keep hearing from the administration that income tax returns are going to be the

highest they've ever been. If that is actually the case, then many, many used car dealers out

there need to load up their lots for tax return season. That is one of the busiest times of the

year in the used car market, in the used car business, so that dealers are now fighting to

get their hands on the used cars that they're going to need the end of February. Why do I say

the end of February? Because that's when people will start seeing those oversized income tax returns

that they can utilize as either total cash for a cash purchase of a used car,

or a sizable down payment on ones that they want to finance. We're getting ready to enter into the

spring selling season and used car tax-inflated selling season. That's why we're seeing the

used car values pick up at the auctions presently. It is quite a juxtaposition because just three

weeks ago, again, CarMax coming out and saying, we're going to have to lower prices because we're

not selling as many cars as we want. Three weeks later, now the end of January, we're seeing used

car prices at the wholesale auction scale, which to be clear in all of this, there's much more

volatility in seasonality in used car pricing than new car pricing because of these different

seasonal factors right now. I would also posit your trade-in value is going to be fairly

volatile over the next few weeks here. We obviously get all sorts of emails from the

various companies tracking our vehicle value. I use CarEdge, our vehicle projection to also

keep track of vehicle value. There are all sorts of different ways to keep tabs on this,

but let's do a live experiment here because we started with Carvanus. We'll start here.

What used vehicle should we do this market analysis for? Where and what vehicle do you think?

Let's do a Subaru Outback and let's do it somewhere in the northeast of the Mid-Atlantic.

We want to go in the northeast. I got to verify that I'm human. I am indeed.

You are. I can verify that.

Okay. I'm just going to use a zip code I know from Maryland. Give me a second here.

All right. We've got Subaru Outback's first sale. This is outside of Washington, DC in

Maryland. You want to do a relatively new one, an older one. What do you think?

Um, let's do like a 2021, 2022, something like that.

Okay. We've got here. We're going to go to this one right here.

So we've got a 2022. Whoops. Let's try clicking on it again. Okay. There we go.

We have a 2022 Subaru Outback with 73,709 miles for 24,990 bucks. All right. So what I want to

do here is I want to find the Vin, which I know they don't make easy. Where did they put the Vin?

Well, it would be on the Carfax report.

Vehicle details. View all features and specs. Give me a second. Come on. Specs, Vin. There we go.

And now I'm going to come over here, Dad. I'm going to go to Car Edge.

Yes.

I'm going to do Shop Used.

Yes.

I'm going to do Vin. Okay. So here's that same vehicle over on Car Edge. And the reason I came

over to Car Edge is I want to see a couple of things. I want to see the market conditions.

Five days on market. Wow. They turned their inventory over fast, man. This is brand new.

Yes.

There are only two others for sale within 100 miles.

Yeah. I would think you would have limited leverage on something like that.

So they're at 24,9 and just looking at this, it's hard to say if that's a good or a bad price

because there's just not enough market comes.

Well, it's a four-year-old vehicle with 74,000 miles on it. That vehicle, I'm guessing, when it

was brand new being a touring, it looks like it has the leather interior. So I'm guessing it was

40, $42,000 somewhere in that range. You would think it should have depreciated more than

the $15,000 to $18,000. But stuporers do tend to retain a high percentage or a higher percentage

of their original values than many other brands do.

Yeah. It is interesting though, the one other data point I'll reference here

is we do have back on the Car Edge website that Target deal range, which is using

some of the market conditions to inform what a reasonable discount would be.

I wouldn't be surprised though, Deb, because Carvano obviously does not negotiate.

I wouldn't be surprised if this vehicle sits for 15 days, 30 days, 45 days. This would be the type

of discounting you would see them do because they're trying to get rid of it. Let's hear one more

example from them because I'm simply curious how long they've had other vehicles on their lot

for sale. So that was this 2022. Let's do this 2022 over here, a wilderness that only has 20,000,

19,000 miles on it. Okay. And I'm purely curious. Oops. Oh gosh. Vehicle details. There we go.

Under specs. Only one key on this one, so keep that in mind.

Keys are expensive. These are expensive. Shop used.

Vin, enter that in right there. Keys aren't so expensive that the key replacement policies that

you can buy in the finance office shouldn't be, say, $1,195, but they are expensive.

Vin not found. That means that it's going to show up tomorrow. They just listed that today.

There you have it. This is a little bit why Carvano is able to price what they're able to.

I mean, people buy their stuff quickly. Actually, wait, bear with me for a second because now what

I want to do is instead of that Vin search, I'm just going to go make model and we were doing

what? 2020. Gross point in Michigan. That's a long way away.

Here, I can update my zip code over here, 208.95. And what was that? That was a Subaru. Yeah.

Outback. I don't need to do nationwide. What was it within 100 miles? And we said 2022.

Yeah, I believe that's what it was. The reason I'm doing this is I now just want to look at

a normal car dealer, 42 days on market, 35 days on market. Here's CarMax said,

only 13 days on market. And the reason I picked the Subaru and in the Northeast

was because of the time of year we are, in fact, that it's an all-wheel drive vehicle,

and that vehicle would, say, be in higher demand here than, say, if we were in Austin,

Texas or Albuquerque, New Mexico. That's a great point. All right, so actually,

sorry, now I'm just kind of having fun here. Let's look at where we used to live, 85254.

That's Scottsdale, Arizona. Yes. 65 days on market. Wow, that is so cool of that.

Look at that. Look at the days on market, 65, 146, 184. You are so spot on.

And that's why I say you have to know your local market conditions. And yeah,

to me, it makes perfect sense. You're going to pay a premium for an all-wheel drive vehicle in the

Northeast in the winter when it's snowy than you would in the Southwest where it's sunny.

It's just, you have to know your market. All right, one more story that I want to cover today,

Dad, which is this, and it's a big one unrelated to the Carvana stuff, but Fed leaves interest

rates unchanged as dealers face auto affordability challenge. So we have not seen, this was like

remember you and I would be interviewed last year about car affordability and people were

saying, well, will interest rates make them more affordable? And we've done obviously all the

experiments. It's like, you know, if you take a percentage point off the APR, it's not that much

more affordable. What do you make of this, that the Fed leaving Fed funds rate unchanged,

the expectation that that will make vehicles more affordable does not seem to be coming true,

at least not yet? Well, the dealers hoped that they would see a reduction in APRs for both new

and used cars to help offset the fact that the cars are too pricey to begin with. What it would

indicate to me is if the vehicles are basically unaffordable for a large percentage of their

customers that are coming in, well, they can't rely on interest rates to impact that. So now they

have to rely on reducing the price of the vehicles to impact that or figuring out a way to scrape

more money from the customer as cashed down in order to impact it. This whole fallacy that

you know, the Fed reducing rates is going to make overpriced cars more affordable is ridiculous.

We prove that if there's a 25 basis point drop or a half a percent point drop that the way it

impacts the payment, it's negligible. It's five to $10 a month. So, you know, if $575 a month

isn't affordable, well, guess what? Neither is $565 or $570. So this idea that they were going

to confront the affordability issue with lower interest rates is just a false idea. It's not

reality. What has to happen if they're serious about it? And we hear talk, but we don't see

actions. We hear talk. What has to happen is they have to lower prices and they have to make

less expensive cars more readily available. And so far, I don't see that happening and I don't

think it will happen. Jeep has lowered their prices. You can't deny it. It's not overpriced.

I hear you, but you said you haven't seen it. We have seen automakers do year-over-year MSRP

drops. We've seen automakers. Jeep said, for example, get rid of a version of their vehicle,

the grand wagon here. So we are seeing action. I do think it's going to take a significant amount

of time. We also saw Toyota come out with that rendering yesterday, dad, for supposedly what

will be a more cheap vehicle, an SUV or a pickup truck that will like to compete with Ford Maverick.

So we are seeing things. It's going to take a long time. And this is actually a perfect moment to do

another live experiment, which would be drumroll, please. How much leftover inventory is still out

there? So instead of searching for new shocker, there are no new 2022 super outbacks for sale

nationwide right now. Let's do nationwide. What I want to look at here, dad, is how many left over

24s, 23s are still out there, 25s too. I mean, this number is slowly but surely going down.

This number had been a million at the beginning of the year. So dealers are selling through the

prior model year inventory. Again, what I've done here is I'd set the year filter to anything

prior to 2025, meaning leftovers. And so as leftover inventory gets sold, that gives the dealer an

opportunity to replace it with new inventory from the manufacturer, which they've said are going to

be more of the more affordable vehicles. Ford's doing great with the Ford Maverick. So they're

going to bring more Ford Mavericks at the same time they get rid of the escape. So you know,

but I do think it will take a little bit of time here. And yeah, interest rates are not,

the area where interest rates will show up is more subventive. So 0.9%, 1.9% financing from the

manufacturer. We'll have to just on our table compile the February deals. I bet you there's

going to be a bunch of 0% financing offers for each inventory that hasn't sold.

And trust me, it wasn't the dealers who were concerned with it as much as the manufacturers

are because they're the ones that are underwriting those programs. And so if interest rates had

dropped, the cost of taking it from 5% to 0% would have gone down to some degree. So the fact that

it's not, the cost for the manufacturer to underwrite that program is remaining the same.

I hate when I sigh like this, but I keep saying the same stuff over and over and over again.

These manufacturers have to stop abandoning their customers who would still like to be able to buy

new cars. And I get to a degree why they've abandoned them because they figured out that

they can make a tidy profit of selling 15.8 million to 16.2 million new cars a year

to the 15% of the population that can afford to participate and doesn't mind spending 70,

80, 90, 100,000 dollars per vehicle. But the rest of us are struggling when it comes to being able

to afford a new car. And I know you disagree with me when I say this, but I think it has

everything to do with the way vehicles are marketed as opposed to not, I mean, if they marketed

small cars to make them seem cool, then people wouldn't buy them as opposed to

convincing Americans that they need these big SSUVs and pickup trucks when perhaps maybe they

really don't. Today's show is brought to you by caredge.com. Carsight show you fake prices. We'll

get you the real one. For those of you again that are unfamiliar, my dad and I for six years now

with an incredible team, many of which you met earlier on the show when they walked behind me,

we provide car buying services. We take care of dealer outreach, negotiation. We learn what matters

to you, contact dealers, get your real offers and compare them. Please take advantage of what we

have to offer back at caredge.com. We all are offering a bit of a promotion at the moment and

I'm going to be very clear here. You can learn more about why me and my dad do this, what we're

passionate about and so much more back on the website caredge.com. Again, we were on WGN this

morning. We are doing a media tour, it seems like that every week on some more local news stations,

which we're so grateful for. I want to be very clear that is only possible because people

support us here on YouTube. I think the reason people support us here on YouTube is because

they find what we do to be educational and valuable and sometimes funny too. A tremendous

thanks to everyone that's watched today's program. We'll be back tomorrow with more

Car Edge Live. I'll be here in New York. I can't wait to get another show in the books,

but yeah, just really grateful. I'm feeling really grateful this morning, pops.

Me too. Yesterday, I did an hour podcast with a financial planner in northern New Jersey and

tonight at six o'clock, I have an hour podcast to do with a gentleman on Long Island for one of

the local public radio stations in Long Island reviewing sales tactics at the worships.

Love that, man. Love that. Hey, thanks for runners for this. We appreciate it to be fair.

I want to Suzuki Jimmy in the US. You too. I would buy one of those. That'd be pretty sick,

but I moved from Atlantic City, New Jersey to Chandler, Arizona, and drove cross-country

with my wife, your mother, and two cats in a Suzuki sidekick for goodness sake.

All right. Let's take a peek. What does a Suzuki sidekick look like?

It's not very big, and we had the Suzuki sidekick convertible.

Yeah, there you have it. Is your cross-country in that?

Yes, yes, and I can tell you when a tractor trailer on an interstate passes you at like

75 miles an hour in that little thing. Oh, it was white knuckle time, buddy.

And the cats, we gave the cats sedatives every day, so they just laid down in their

kitty litter and fell asleep, but it was quite the adventure.

Crazy, man. All right, we're back tomorrow, folks, with more Car Edge Live. Please subscribe to the

channel if you found today's show interesting and compelling. I love you, Pops, and I'll see you again

tomorrow. I love you as well, and thank you, everybody, for being here, and we'll be back

tomorrow at noon Eastern, I promise. If you liked the show, please take a moment to rate,

review, and subscribe. It really does help the show to grow. Thank you for listening.

Carvana Just got CAUGHT | Episode 1003

About this episode

Toyota Camry

Toyota Corolla

Carvana

no-haggle pricing

trade-in

CarMax

Echo Park

Sonic Automotive

Volvo S90

used car market

tax return season

spring selling season

used car values

CarEdge

Subaru Outback

VIN

Carfax

market conditions

inventory turnover

depreciation

all-wheel drive

Jeep

Grand Wagoneer

leftover inventory

model year

Ford Maverick

Ford Escape

0% financing

Suzuki Jimny

Suzuki Sidekick

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