Are the tough times ahead actually here in the Car Market?

[ChargerChallenger]

Carvana Lays Off Thousands of Workers, Buys Car Auction Company for $2.2 Billion on the Same Day
An estimated 2,500 Carvana employees will lose their jobs.
Separately on Tuesday, a Redditor posted what they said was an email sent to Carvana’s employees, which says that various industry stresses — supply chain problems, higher interest rates and inflation, and slower car sales because of “all-time high car prices” — meant that Carvana’s growth was slower than expected. The email, which we have not verified but seems legitimate, also says the layoffs add up to roughly 12 percent of Carvana’s employees, and offered the same information about severance for the affected employees contained in the SEC filing.

 

[jroyk]

Carvana Lays Off Thousands of Workers, Buys Car Auction Company for $2.2 Billion on the Same Day
An estimated 2,500 Carvana employees will lose their jobs.
Separately on Tuesday, a Redditor posted what they said was an email sent to Carvana’s employees, which says that various industry stresses — supply chain problems, higher interest rates and inflation, and slower car sales because of “all-time high car prices” — meant that Carvana’s growth was slower than expected. The email, which we have not verified but seems legitimate, also says the layoffs add up to roughly 12 percent of Carvana’s employees, and offered the same information about severance for the affected employees contained in the SEC filing.

No one can say you haven’t done your part to stem low sales, CC.

 

[EricG]

I see that as them more aligning themselves with their business model all along, they're trying to get more cars buying that auction company, it's an online business so the second you can shed employees you do.

 

[DGatzby]

In the next year or two we will see many companies begin terminations/layoffs. Some of us are old enough to remember the late 70’s. JIMMY CARTER IS SO HAPPY BECAUSE JOE BIDEN IS WORSE! DOUBLE DIGIT UNEMPLOYMENT NUMBERS MATCHED THE DOUBLE DIGIT INFLATION AND INTEREST RATES.

It is coming to a corner near you soon!

Currently we have inflation at double digits. Everyone like that? Mortgage interest rates are near 6% AND CLIMBING. Are we going to post up stories for all businesses laying off or making their staff smaller? Hope so, it will remind everyone how blessed we have been until January 2020 and how well things were.

If you were an ass during Covid, if you took advantage and pissed off your employer, don’t be surprised who are the first out the door soon!

 

[Prange]

I see that as them more aligning themselves with their business model all along, they're trying to get more cars buying that auction company, it's an online business so the second you can shed employees you do.

Historically, the number one business expense is labor. Cut labor, increase profits.

The old bullshit, "doing more with less".

 

[Old Mopar Guy]

JIMMY CARTER IS SO HAPPY BECAUSE JOE BIDEN IS WORSE!

No truer words have been spoken, and this asshole isn’t done yet!

 

[jroyk]

No truer words have been spoken, and this asshole isn’t done yet!

It’s depressing when you remember he’s only been president for 17 months. Only 31 months to go.

 

[Old Mopar Guy]

It’s depressing when you remember he’s only been president for 17 months. Only 31 months to go.

Frankly I dont see him making the remainder of his term. Heels up Harris will step right in. All by design my friend, as she was not electable on her own.

 

[jroyk]

Frankly I dont see him making the remainder of his term. Heels up Harris will step right in. All by design my friend, as she was not electable on her own.

Me too. I didn’t think he’d last this long.

 

[DGatzby]

It’s depressing when you remember he’s only been president for 17 months. Only 31 months to go.

Let’s remember with a quick review. November 2019 crude was at less than $21/barrel. See that huge dip in 2019? Right after a certain BS election, what happened?

oh look!!!

 

[DGatzby]

Well GM don’t think there is a problem. Except they forgot that Dodge had a Durango and a GC with a Hellcat engine. They say in the article that nothing has that power in its class. Well GM look around that almost 700 hp is a bit less than Dodge’s TWO previous products! Oh and the Durango and GC Hellcat prices look like bargains now!!


Meet GM's most expensive and powerful Cadillac Escalade yet, at $150,000
https://www.cnbc.com/2022/05/11/gms-new-cadillac-escalade-is-the-most-expensive-powerful-yet-at-150000.html?__source=iosappshare|com.apple.UIKit.activity.CopyToPasteboard

 

[Boris]

Well GM don’t think there is a problem. Except they forgot that Dodge had a Durango and a GC with a Hellcat engine. They say in the article that nothing has that power in its class. Well GM look around that almost 700 hp is a bit less than Dodge’s TWO previous products! Oh and the Durango and GC Hellcat prices look like bargains now!!


Meet GM's most expensive and powerful Cadillac Escalade yet, at $150,000
https://www.cnbc.com/2022/05/11/gms-new-cadillac-escalade-is-the-most-expensive-powerful-yet-at-150000.html?__source=iosappshare|com.apple.UIKit.activity.CopyToPasteboard

Missing key words
"Limited Availability"

That thing will be 200k OTD for buyers.

I was interested thinking maybe 120k ish. Escalades are already too fancy for me with no options so id be fine in a base model. But that price - yeesh.

I'll take 2 TRXs for that.

 

[MikeD1]

I see that as them more aligning themselves with their business model all along, they're trying to get more cars buying that auction company, it's an online business so the second you can shed employees you do.

Historically, the number one business expense is labor. Cut labor, increase profits.

The old bullshit, "doing more with less".

This goes way beyond their business model and is a direct (and expected if you had 1/2 a brain) result of the $15+/hr push. As wages have risen, they quickly exceed the cost of 'high tech' solutions to eliminate workers. Just go to Lowes or Home Depot to see it in action - rare to see more than 1 cashier these days, they are forcing you to use the self checkout. While those machines are expensive and there is (no doubt) increased theft, it's still cheaper than paying for ppl to man the registers.

Plus, employees are becoming so difficult to deal with and are increasingly unreliable, so why bother when a machine can replace them.

Seeing banks around here doing it as well. There is a main branch that has lobby hours but the satellite branches/offices are ATM & limited drive thru only !!
Fast food places are doing discounts for you to use their 'app' to order & many are implementing order kiosks in the store.

 

[Jimmy N.]

Dang. I got a decent amount of money from Carvana when selling the VW Sportwagen, but didn't intend to make them end up in the poorhouse because of it.

 

[Smitty]

Well GM don’t think there is a problem. Except they forgot that Dodge had a Durango and a GC with a Hellcat engine. They say in the article that nothing has that power in its class. Well GM look around that almost 700 hp is a bit less than Dodge’s TWO previous products! Oh and the Durango and GC Hellcat prices look like bargains now!!


Meet GM's most expensive and powerful Cadillac Escalade yet, at $150,000
https://www.cnbc.com/2022/05/11/gms-new-cadillac-escalade-is-the-most-expensive-powerful-yet-at-150000.html?__source=iosappshare|com.apple.UIKit.activity.CopyToPasteboard

They’ll say the Escalade isn’t in the same class as the Durango or GC

 

[MJS73]

Frankly I dont see him making the remainder of his term. Heels up Harris will step right in. All by design my friend, as she was not electable on her own.

I'm positive Biden will be 25th Amendmented but Harris will be gone first.

 

[jroyk]

I'm positive Biden will be 25th Amendmented but Harris will be gone first.

Hope you’re right, but who’d be up next?

 

[DGatzby]

They’ll say the Escalade isn’t in the same class as the Durango or GC

Cool! Love it. It will be funny when they bring the big boat out against a HC Durango, OR better yet having a HC Durango and pulling up next to a new one and reminding him they ARE NOT in the same class. Huh?

 

[DGatzby]

Hope you’re right, but who’d be up next?

If they throw both out….The NEW Senate gets to decide. Make sure old Joe can last until January.

 

[DGatzby]

We about have that car market figured out cc?