34 days ago • Posted by William Ramstein
Used car dealer Carvana doubles down on online dealership bet
Carvana and other online car dealerships have benefited from the coronavirus pandemic as consumers turned to online car shopping. Carvana sold 244,111 cars in 2020 up 37% versus 2019. Carvana believes demand will outlast the pandemic into 2021 as customer preferences shift from habit. Inventories are falling quickly indicating the need for further investment to catch up with demand. Carvana said it will hire 5,000 new employees this year and invest $500 million in new facilities.