Carvana. The Vending Machine that Sells Stolen Cars | Corporate Casket
Buying a used car is practically a universally hated experience. Stories of shady dealerships are alarmingly easy to find, and handling these used dealership horror stories can be a massive pain.... But thankfully Carvana is here to save us all! right...?
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Show Notes
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Welcome to the Corporate Casket, a semiweekly series where bad businesses go to die. We will discuss any and everything from bad charities, terrible CEOs, and businesses that have a lot to hide.
Carvana makes their money through financing. Not from the sale of the vehicle. Carvana itself says that 80% of their buyers use Carvana as a financer. Here's the problem with that. They offer securitized subprime autoloans, subprime meaning high risk (no or little credit). Then they sell these debts to investors, offloading them. (Carvana was hanging onto loans in covid times, when people were less likely to default, to make that money/profit.)
Connect with me: https://linktr.ee/iilluminaughtii
Sources: hhttps://justpaste.it/2wzt2
Writers/Researchers/Helpers:
Ali-Z
This episode was edited and mixed by:
G. Thomas Craig
Album cover art created by:
Betsy Primes
Intro Song Credits:
Last to Fall- Will Van De Crommert
Outro Song Credits:
Sacred and Profane- Nicholas Rowe
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