The Phoenix-based company will reduce its outstanding debt by more than $1.2 billion, according to a release. Carvana has been struggling financially in recent months because of declining used car prices. A relatively new player in the used car field, it has lost money most quarters since it went public in 2017 as it aimed for sales growth rather than short-term profitability. Carvana launched 10 years ago with a plan to disrupt the used car market, offering both online car shopping and trade-ins as well as distinctive car vending machines. Carvana (CVNA) shares are up now a whopping 1,000% for the year.

Source: CNN July 19, 2023 20:23 UTC