While the coronavirus pandemic has devastated some industries, others have benefited as COVID-19 alters consumer spending.
As even more shopping is done online – and buyers opt for used cars over new – Carvana, was well positioned.
The Phoenix-based company sells used cars online out of giant vending machines.
The father-son #billionaires behind online used-car seller #Carvana saw their fortunes soar $5B in a day as the company projects record profits@Carvana @DriveTimehttps://t.co/E6uO8TInQh pic.twitter.com/RVCHL3naqG
— World News Network (@worldnewsdotcom) September 23, 2020
Bloomberg reports Carvana stock surged 31% Tuesday after the company projected record revenue and profit margins. The company’s stock is up nearly
150% for the year. Tuesday’s jump netted the father and son owners $5 billion in a single day. Together, Ernie Garcia II and son Ernest are worth more than $21 billion.
How has the pandemic changed your spending habits? Which trends will revert and which will remain once the pandemic is over?
