CVNA TL;DR

Carvana was founded in 2012 by Ernie Garcia III to sell used cars online, complete with car vending machines. It grew explosively during COVID as consumers avoided dealerships, but overexpanded and nearly went bankrupt in 2022-2023 under a mountain of debt. A dramatic debt restructuring and ruthless cost-cutting saved the company, and Carvana swung to profitability in 2024 with record margins.

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