Good morning. Used car dealer Carvana had an epic rise, crazy fall, and now the CFO is getting some of the credit for an unexpected turnaround that has powered the stock up more than 500% in a year.
Carvana, a Fortune 500 company, is an e-commerce platform for buying and selling used cars. It was founded in 2012 and went public in 2017. Carvana cofounder Ernie Garcia has served as president and CEO since the company’s founding, while CFO Mark Jenkins came on board in July 2014. Before joining Carvana, Jenkins was a professor in the finance department at The Wharton School of the University of Pennsylvania for five years teaching undergraduate, MBA, and executive education programs on corporate restructuring, corporate credit, and leveraged finance.
