Selling used cars used to mean dusty lots, slick salesmen, and endless paperwork. Then came Carvana (CVNA), letting buyers browse, finance, and purchase vehicles entirely online, offering a seamless experience that once sent its stock soaring to dizzying highs − pushing shares from $15 in 2017, when CVNA went public, to a jaw-dropping $370 at the peak of the pandemic-fueled supply crunch.
But while the stock has staged a dramatic rebound in 2025, up 58% and nearing the all-time high, not everyone’s convinced this comeback is built to last. Legendary short-seller Jim Chanos is sounding the alarm. Speaking at the Forbes Iconoclast Summit, Chanos didn’t mince words: he likened Carvana to a “subprime lender,” not a tech marvel. His real concern is that the company’s profit story hinges more on aggressive financing than actual car sales.
