Carvana struggling, rumors of looming bankruptcy

Tempe, Arizona-based online used car retailer Carvana -- which has an outlet at 700 E. Jackson Blvd. in Jackson — is facing an uncertain 2023 and bankruptcy rumors after a stock free fall last year, a weakening market for pre-owned vehicles and concerns about the company's long-term future, according to CNBC.

Carvana, started in 2012, showed rapid growth during the worst of COVID, as the novel enterprise benefited by unprecedented strength in the used car market.

Carvana laid off 1,500 workers, 8% of its workforce, on Nov. 18, with spiraling interest rates, persistent inflation and fears of an economic slowdown driving the company's common stock price down 97% from its high-water mark of $376.83 per share in August 2021.

The retailer also benefited temporarily from government stimulus programs giving consumers extra cash and a period of rock-bottom interest rates, which is now over.

Carvana has used its 16,540-square-foot structure in Jackson since October 2021. The building was previously occupied by Brennecke Chevrolet.

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