Carvana owners made $5B Tuesday

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.

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?

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