One of the more devastating flame-outs this year has been the near-total collapse in value of Carvana’s stock — and its pile of debt — as a one-time pandemic darling faces a new market reality.
Why it matters: It may now seem self-evident that a gimmicky “car vending machine” business that never generated positive earnings shouldn’t have taken on billions of dollars in debt. But it's worth a closer look at the ways in which Carvana was a poster child for several trends caused by Fed policy — even before the pandemic.
