Carvana. The Vending Machine that Sells Stolen Cars | Corporate Casket

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Welcome to the Corporate Casket, a semiweekly series where bad businesses go to die. We will discuss any and everything from bad charities, terrible CEOs, and businesses that have a lot to hide.

Carvana makes their money through financing. Not from the sale of the vehicle. Carvana itself says that 80% of their buyers use Carvana as a financer. Here's the problem with that. They offer securitized subprime autoloans, subprime meaning high risk (no or little credit). Then they sell these debts to investors, offloading them. (Carvana was hanging onto loans in covid times, when people were less likely to default, to make that money/profit.)

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Sources: hhttps://justpaste.it/2wzt2

Writers/Researchers/Helpers:
Ali-Z

This episode was edited by:
Catechism: https://www.youtube.com/channel/UC1X38twKH-ePKOMQclh8a6g
&
Kelpie
&
Michael: https://www.flowcode.com/page/michaelseim
&
The Mysterious Brian

This episode's audio was mixed by:
G. Thomas Craig

Artists:
Sprites made by https://plegberb.tumblr.com/

Outro song is Cake by Retrovision

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#iilluminaughtii
00:00: Intro
10:55: The Business
16:05: Garcia
21:39: AD
24:22: Who is Carvana?
28:08: Outro

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