CARVANA

An Army vet had to prove he had not stolen the car when police responded to the call from a luxury car dealership saying his used Maserati was actually stolen.

A North Carolina couple said they spent more than $68,000 purchasing a vehicle from Carvana that ended up being stolen. The vehicle was later seized and impounded by police.

These are the stocks posting the largest moves in extended trading.

Carvana concerns have forced a state investigation, and new information Thursday suggests the used car megastore is without a license here in Michigan.

In August 2021, pandemic-related factors propelled Carvana's business to new heights. But the company had since struggled and its future is now in question.

U.S. stock futures point to a higher open after the S&P 500 dropped five sessions in a row.

These are the stocks posting the largest moves in midday trading.

Shares of Carvana plummeted by nearly 40% after its largest creditors reportedly signed a deal binding them to act together in negotiations.

Carvana plans to lay off about 1,500 people, or 8% of its workforce, following a freefall in the company's stock, according to an message obtained by CNBC.

Shares of Carvana have gone from an all-time high of nearly $377 per share in August 2021 to as little as $6.50 per share this week – a 98% decline.

Despite the double-digit increase, Carvana's stock remains off roughly 97% this year.

Shares of upstart used-vehicle chain Carvana have tumbled further due to the company's struggles with falling prices and waning demand for its products.

Shares of Carvana were briefly halted Monday due to volatility, down by as much as 24% at one point to below $7 per share — its lowest point on record.

Shares of Carvana were on pace for their worst day on record Friday after the company missed Wall Street's top- and bottom-line expectations for the third quarter.

Shares of Carvana fell in extended trading Thursday after the online used car retailer missed Wall Street's top- and bottom-line expectations for the third quarter.

NOVI, MI -- A bid from a Carvana dealership in Southeast Michigan to stop a state suspension has failed. A Michigan Court of Claims judge on Wednesday, Oct. 19 said he would not issue a temporary restraining order against the state. The Michigan Secretary of State on Oct. 7 suspended the dealership’s license after investigators discovered violations while looking into several “no title” complaints from consumers. The dealership on Oct. 13 filed for a temporary restraining order, claiming the violations related to “technical paperwork violations.”In a statement issued Thursday, Carvana said the state has agreed to allow the continuation of online sales to Michigan customers. “We are disappointed by the court’s decision and we are considering all legal options to protect our customers and ensure the Secretary of State is held accountable for their illegal actions,” the statement read.

DETROIT, MI -- A Detroit area Carvana dealership is asking a court to intervene after the Michigan Secretary of State suspended its license earlier this month. Carvana on Thursday, Oct. 13 filed a motion for an injunction in the state Court of Claims. Secretary of State workers said they discovered violations during an investigation into multiple “no title” complaints form consumers. Carvana hopes to block further damage. More from MLiveSkyBridge Michigan sneak peek: Get ready for the swayThese are the 6 ‘coziest’ small towns in Michigan to visit this winter, study saysDriver ‘nodded off’ in police car after crash killed Make-A-Wish bicyclists, prosecutor says

A Novi car dealership that had its license suspended last week by the Michigan Secretary of State fired back at the allegations, calling them “baseless and reckless.”

An Oakland County “vehicle vending machine” dealership has had its license suspended after employees destroyed documents, odometer records weren’t maintained, and investigators found more than 100 customer title delays and probation violations, according to state officials.

These are the stocks posting the largest moves midday.

Jimmie Johnson announced Friday that sponsor Carvana has agreed to fund next year's racing endeavors and the seven-time NASCAR champion will use the next few weeks to determine his 2023 schedule. Johnson just a week ago said he was still seeking funding for a full IndyCar season. “The great news is Carvana is behind me in whatever I choose to do,” Johnson said.

The balance of power shifted from employer to employee, whether return to the office or greater wages. Will a recession reverse those gains?

Carvana has run into legal and financial roadblocks that cast uncertainty on its plans to build a glass tower used car sales building in Skokie.

Carvana has gone from Wall Street's preferred used car retailer to trading like a meme stock amid cost-cutting measures and layoffs.

These are the stocks posting the largest moves in midday trading.

Shares of online used car retailer Carvana surged Thursday amid a wild trading session.

Online car seller said it was unable to tell every worker in person and relied on Zoom for some firings.

Online car seller said it was unable to tell every worker in person and relied on Zoom for some firings.

Your used car might be a major cash cow.

The stocks making the biggest moves in premarket trading include Carvana, First Solar, Generac, and more.

Many Ukrainian's in New York City did not go to sleep Wednesday night, as they stayed up to watch news reports about their homeland being invaded by Russia. Thursday, hundreds rallied around the city, holding Ukrainian flags and chanting "stop the war." (Feb. 24)

The Skokie Village Board approved the 14-story Carvana used car vending machine glass tower next to a forest preserve despite opposition.

After one firm downgraded the stock of Carvana and another raised its price target, "Mad Money" host Jim Cramer explained where he stands on the situation.

Its 30-second Super Bowl ad called "Dealership Pain" focuses on the pressure of purchasing a vehicle through a traditional car dealer. "There's plenty of room for us to be successful in the Super Bowl as well as Carvana continuing on their path of success." Vroom's ad features a car buyer being pressured by a used car salesman almost to the extent of torture with jumper cables. The Super Bowl ad is part of an ad campaign for Vroom featuring similar spots, including one called "Dealership Deceit" that aired during Sunday's AFC Championship game for the NFL. Both Hennessy and Scherr expect the Super Bowl ad to continue to grow awareness and business for Vroom, which went public in June.

Sylvester Johnson now has a sweet set of wheels after he would often bike or bus about 30 miles to work, from downtown Detroit to Troy, even in frigid temperatures. He works at the auto vending machine company’s Troy office as an assistant project manager for photo infrastructure development. Michigan’s only Carvana used car vending machine is located in Novi at the Adell Center off of I-96 and Novi Road. Each used car location has up to 27 vehicles filling the eight-story tall building at any given time. Car buyers have a full week to make sure they like their used vehicle with a seven-day return policy.

Used car sales are soaring all over the U.S., and companies from Autonation to CarMax, Carvana and Buffalo, New York-based used car start-up ACV Auctions are benefitting. Automakers including GM have become more optimistic in commentary since the Q2 Covid-19 nadir, but even before Covid-19, the used car market was more than twice the size of the new car sales market. Overseas trends are similar, with private U.K.-based online car sales company Cazoo recently doubling its valuation. How consumers should play the used car boomOnline selling of cars is not entirely new. That is in a used car market that is above 40 million units annually.

Shares of Carvana jumped after the online used car marketplace said it expects to set records in several categories during its third quarter, including total revenue and retail units sold. The company previously declined to give forward guidance for the quarter, citing uncertainty from the Covid-19 pandemic. Carvana has averaged about $1.1 billion in sales over the last four quarters and sold just over 55,000 retail units in the second quarter of this year. That margin was a negative 6.2% during the second quarter. The firm said in a note that it expected retail unit sales to hit 48% year over year in the third quarter, up 25% from the second quarter.

Shares of Carvana tumbled double digits during after-market trading following the auto retailer reporting a net loss of $183.6 million during the first quarter. The company's loss widened by 122.3% compared to it losing $82.6 million during the first quarter of 2019. The used-car e-commerce platform reported an adjusted net loss of $1.18 per share. In letter to shareholders, Carvana cited the coronavirus as an "unexpected detour" that "brought unprecedented change at an unprecedented pace." Carvana said its margin for the quarter was in the red at 12.6%, including 2.4 percentage points related to the coronavirus, highlighting the toll the coronavirus has taken on even online retailers such as Carvana.

Marvel, an optometrist who left Tulsa 20 years ago, actually applied for a program last year called Tulsa Remote. Friends were seeing body bags from their windows, and you're just in this survival mode. Lindsey Marvel, 38, moved to New York City three years ago because, she said, "I'm literally going big or going home." New York City has seen more than 165,000 confirmed cases of Covid-19 and more than 12,000 have died. "How do you pay New York City rent with unemployment, or just how do you justify paying that rent when everything's closed or you're afraid to even go to the grocery store?"

Some, even if the showrooms are closed, can still sell vehicles online. Many saw online sales as a threat to their showrooms; however, the coronavirus is changing that. Automakers are rolling out new online sales tools or enhancing current programs for dealers, as they view online sales as one of their last chances for salvation during the pandemic. Fiat Chrysler, for example, launched a new online sales program this month that allows customers to partially, if not completely, go through the sales process online. General Motors also has increased the presence on its "Shop, Click, Drive" online sales program, which launched in 2013.