Carvana's Remarkable Turnaround Catapults Stock, Enriches Founders

The online used car dealer’s resurgence has significantly boosted the fortunes of its key stakeholders, the Garcia family, following a near-bankruptcy scare.

• Carvana's stock surged over 3,000% since its low in late 2022, reflecting a robust recovery from financial distress.
• Ernest Garcia II and Ernie Garcia III's combined net worth increased by $11 billion due to the stock's rebound.
• The company reported a first-quarter profit of $49 million, surpassing analyst expectations.
• Strategic financial moves and operational restructuring have been key to Carvana's recent success.
• The surge in used car sales has been driven by high interest rates, influencing consumer preference for second-hand vehicles.

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