Carvana. The Vending Machine that Sells Stolen Cars | Corporate Casket

iilluminaughtii

Blair Zoń

Documentary, Education, Business, Society & Culture

4.4 • 961 Ratings

🗓️ 1 July 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Go to http://shipstation.com and use code CASKET to get a free 60-day trial. Go to http://stitchfix.com/casket to get $20 off your first purchase. Welcome to the Corporate Casket, a semiweekly series where bad businesses go to die. We will discuss any and everything from bad charities, terrible CEOs, and businesses that have a lot to hide. Carvana makes their money through financing. Not from the sale of the vehicle. Carvana itself says that 80% of their buyers use Carvana as a financer. Here's the problem with that. They offer securitized subprime autoloans, subprime meaning high risk (no or little credit). Then they sell these debts to investors, offloading them. (Carvana was hanging onto loans in covid times, when people were less likely to default, to make that money/profit.) Connect with me: https://linktr.ee/iilluminaughtii Sources: hhttps://justpaste.it/2wzt2 Writers/Researchers/Helpers: Ali-Z This episode was edited and mixed by: G. Thomas Craig Album cover art created by: Betsy Primes Intro Song Credits: Last to Fall- Will Van De Crommert Outro Song Credits: Sacred and Profane- Nicholas Rowe Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Did I tell you I bought our car from Carvana?
0:03.6	Yeah, ma. It was so easy.
0:05.6	I found the perfect car.
0:07.6	Under budget, too.
0:08.6	And I get seven days to love it or my money back.
0:11.0	I love it!
0:12.0	I thought online meant no one to help me. But Susan from
0:18.7	Carvana... I call the answer. She didn't try to sell me.
0:24.0	No once.
0:26.0	Buying a used car is practically a universally hated experience.
0:34.7	Stories of shady dealerships are alarmingly easy to find and handling these used dealership
0:39.1	horror stories can be a massive pain.
0:41.7	Polls have said that out of around a thousand people surveyed
0:44.1	20% would willingly give up sex for a month if it meant avoiding the hassle of
0:48.2	haggling at dealerships. So yeah we really hate car dealerships apparently.
0:55.0	Despite this, the automotive industry is the largest retail vertical in the country,
1:00.0	at least according to Garcia, one of the founders of Carvana.
1:04.1	When Carvana came to be, it was meant to eliminate the hair pulling and headache-inducing
1:08.2	experience of buying a car by making it straightforward and simple. You go online, look up the kind of car you want,
1:15.4	search the year, make, model, price, all that good stuff, then pay the price listed
1:19.6	and have it delivered to you. For anyone that doesn't want to go to a dealer or who may not
1:24.4	have the time to do so, this was perfect. When Carvana's building was first
	...

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