Online used car retailer Carvana shares have dropped 20% over the last two days and are down 80% from their 2021 summer peak. The purchase of ADESA US over the summer forced the company to sell $2B in common and preferred stock at a low price.
The numbers. Carvana's sales declined in Q1 2022 compared to Q4 2021, causing net losses to grow from $36M to $260M in a year.