It’s one of the remarkable rags-to-riches tales around, particularly because it happened twice within a five-year period. Online used-car dealership Carvana (CVNA) initially faltered — like most other publicly traded enterprises — following the immediate impact of COVID-19. However, the surge for vehicles amid the global supply chain disruption saw CVNA stock skyrocket.
Adding to the enthusiasm, of course, was the fact that contactless services commanded a premium during the worldwide health crisis. This attribute natively facilitated a clear advantage for Carvana. But as society gradually normalized, the need for minimal-contact transactions faded. Combined with gradual normalization of supply chains, CVNA stock cratered.
