Carvana Headed Towards Bankruptcy

 

CHARLOTTE, NC  — Used car retailer Carvana could be soon headed towards bankruptcy. The company known for it’s car vending machines has lost money most quarters since it went public back in 2017.

The company is suffering as used cars prices have fallen, triggered by the rise in interest rates which means higher car payments. Experts say Carvana’s problems are worse than other used car dealers, because it expanded faster than it’s sales could support. As of now, there is no update on how this could impact the Carvana dealers in the Charlotte area.